Via the AP -

The New York Yankees declined their 2009 options on first baseman Jason Giambi and pitcher Carl Pavano on Tuesday, making the pair eligible for free agency.

Giambi will receive a $5 million buyout rather than a $22 million salary next season, completing his $120 million, seven-year contract. Pavano gets a $1.95 million buyout instead of a $13 million salary, finishing his $39.95 million deal.

The 2000 AL MVP with Oakland, Giambi hit 209 homers during his time with the Yankees. Slowed by injuries and in the center of controversy during baseball’s performance-enhancing drug investigation, Giambi failed to win any World Series titles during his time in New York.

In a sign that Giambi may want to return to the Athletics, Oakland announced Tuesday that Bob Alejo will become its director of strength and conditioning. Alejo was Oakland’s strength and conditioning coach from 1993-2001 and followed Giambi to the Yankees, working for Giambi personally and for the team during some years.

Back in 2002, Giambi paid Alejo $125,000 (as a salary) along with a 401(k) plan to leave the A’s and become his personal trainer. But, in 2005, they Yankees told Jason to lose his buddy.

Sounds like Giambi and Alejo will now be pulling a Peaches and Herb in the Bay City.

Since this means Jason’s days in New York would be over, this is good news.