At long last, Andy Pettitte has finally made the decision to continue playing baseball and is close to a new one-year deal with the New York Yankees, reports Buster Olney of ESPN:

Sources: Andy Pettitte is close to formally announcing he's coming back, and he's close to finishing a new deal with the Yankees.

— Buster Olney (@Buster_ESPN) November 27, 2012

The 40-year-old Pettitte had been on the fence about whether to return since the Yankees were swept in the ALCS in October. All signs pointed to the veteran left-hander returning for another season, but nothing was certain until now. Pettitte earned just $2.5 million in 2012 and was in line for a big raise, which he is likely to get, reports Joel Sherman of the New York Post:

Can confirm Buster Olney rot #yankees r close to deal with Pettitte, heard it will be $10-11M

— Joel Sherman (@Joelsherman1) November 27, 2012

The tall left-hander proved he had plenty left in the tank after a year of retirement, posting 2.87 ERA and 8.2 K/9 rate in 12 regular-season starts for the Yanks in 2012.

An official announcement from Pettitte and the Yankees is expected in the next few days.