Jason Giambi is going back to Oakland.
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The A's have reached preliminary agreement with Giambi on a one-year contract with a club option for 2010, according to major-league sources.
The deal, the possibility of which was first reported by ESPN.com, is pending a physical.
"They're at the finish line," one source said.
Giambi, who turns 38 on Thursday, will be both a first baseman and designated hitter for the A's. Jack Cust will continue to serve as both an outfielder and DH.
While the financial terms are not yet known, Giambi will receive a substantial pay cut from his previous deal with the Yankees, which paid him $120 million over seven years.
Giambi received a $5 million buyout after the Yankees declined his option for 2010, and his salary with the A's is expected to be in the $5 million range.
A 14-year veteran, Giambi batted .247 for the Yankees last season with a .373 on-base percentage, 32 homers and 96 RBIs. He spent his first seven seasons with the A's, winning American League MVP in 2000 and finishing second in '01.
