Giambi

NEW YORK -- Minutes after his team lost the World Series, New York Yankees owner George Steinbrenner made it clear that losing was not acceptable.

The Boss is trying to make sure it doesn't happen again.

After days of anticipation, New York planned a news conference for this afternoon at 2 p.m. ET -- at Yankee Stadium -- to announce a seven-year contract with Jason Giambi.

The deal is expected to wind up at either $119 million or $120 million, depending on the final structure, a source familiar with the negotiations told ESPN.com's Jayson Stark.

New York also reached preliminary agreements on a $10 million, two-year contract with outfielder Rondell White and a $12 million, two-year contract with left-hander Sterling Hitchcock, who joined the Yankees late last year.

As the Yankees undergo their biggest overhaul in six years, New York also traded reliever Jay Witasick to the San Francisco Giants for outfielder John Vander Wal.

"I'm not a good loser," Steinbrenner said moments after the Yankees lost Game 7 of the Series to Arizona. "I believe in what Ernest Hemingway said: 'The way you get to be a good loser is practice, and I don't want to practice."'

The biggest move of the offseason is the signing of Giambi. One of the most feared hitters in the game, Giambi will fit perfectly for the Yankees as they try to add more power and patience into their lineup.

Giambi, 30, is the perfect combination of the two, leading the American League in on-base percentage (.477) and slugging (.660) last season. He replaces first baseman Tino Martinez, who hit 34 homers, but only had a .329 on-base percentage.

Giambi hit .342 with 38 homers and 120 RBIs last season for the Oakland A's, finishing second in voting for the AL MVP award after winning in 2000. His left-handed power stroke is ideal for Yankee Stadium with its short right field.

"He's just an outstanding hitter," said Seattle manager Lou Piniella, whose team lost the Yankees in the ALCS. "He had some monster years in Oakland. He would help any ballclub. Giambi is one of the dominating hitters in the game today."

The Yankees made Giambi their top target almost immediately after the season. Manager Joe Torre, pitcher Mike Mussina, Hall of Famer Yogi Berra and New York Mayor and Yankees fan Rudolph Giuliani all made recruiting calls.

Money and the chance to win a World Series also played a factor in Giambi's decision. The Yankees knocked Giambi's Oakland Athletics out of the postseason the past two years.

At $120 million, the contract has an average annual value of $17.14 million. That is the fifth-highest in baseball behind Texas shortstop Alex Rodriguez ($25.2 million), Boston outfielder Manny Ramirez ($20 million), Yankees shortstop Derek Jeter ($18.9 million) and Chicago Cubs outfielder Sammy Sosa ($18 million).

Last spring, Giambi turned down a $91 million, six-year extension offered by Oakland because the A's refused to include a no-trade clause.

It's been a busy week for the Yankees, who acquired third baseman Robin Ventura from the Mets for David Justice to replace the retired Scott Brosius, and also signed free-agent reliever Steve Karsay last Friday.

Outfielders Paul O'Neill and Chuck Knoblauch also won't be back in 2002 as the Yankees try to upgrade an offense that finished fifth in the AL in runs scored last season.

The Yankees have sought after White since he played with Montreal, considering dealing for him before the 2000 trade deadline.

Instead, White went to the Cubs, where he was a solid contributor when he wasn't hurt. He hit .307 last season with 50 RBIs and 17 homers, but he played in just 95 games, missing most of the second half with a strained groin muscle.

White, 29, has a history of injury trouble, spending at least three weeks in each of the last four seasons on the disabled list. He has been on the DL seven times in his nine years in the majors.

Information from The Associated Press was used in this report.