NEW YORK (WFAN) – With Andy Pettitte and CC Sabathia on the disabled list, the New York Yankees have agreed to sign free agent pitcher Derek Lowe.

The deal will not be official until Monday.

39-year-old Lowe was designated for assignment by the Cleveland Indians on August 2.  Lowe was having a rough 2012 season.  He’s 8-10 with a 5.52 ERA over 21 starts in 2012.

Lowe was a celebrated member of the Boston Red Sox team that won the 2004 World Series.  The Red Sox passed on Lowe, allowing the Yankees to swoop in.

According to Jon Heyman of CBSSports, Lowe has indicted to the Yankees that he is open to starting or relieving.

Will Lowe be more useful in the rotation or out of the bullpen?  Let us know…