The New York Yankees made it official on Tuesday year contract.

Financial terms were not disclosed, but the New York Daily News had reported the deal to be worth $1.1 million.

The 39-year-old Ibanez will fill a need for a lefty-swinging designated hitter and will add depth to the team's outfield that will be manned by Brett Gardner, Curtis Granderson and Nick Swisher.

Other candidates that were reportedly in the mix were former Yankees Johnny Damon and Hideki Matsui.

The Yankees were able to free up some money to add a bat this past weekend when they finalized a trade that sent pitcher A.J. Burnett to Pittsburgh.

Ibanez appeared in 144 games last season, including 134 in left field, for the Phillies and batted .245 with 20 homers and 84 runs batted in. He spent three seasons in Philadelphia, driving in at least 80 runs each year.

In 1,817 games over 16 seasons with Seattle, Kansas City and Philadelphia, Ibanez has 252 homers, 1,054 runs batted in and a .280 batting average. He was an All-Star for the first and only time with the Phillies in 2009, and appeared in the playoffs with Philadelphia each of the last three years.

Ibanez, born in New York City, has reached the 30-double plateau in each of the last 10 seasons, the longest such active streak in the majors.