Sources claim Giambi, 30, has agreed to a seven-year, $120 million US contract with the New York Yankees and will be officially introduced on Thursday.
His $17.4 million US annual stipend ranks fifth-highest among major leaguers behind Alex Rodriguez ($25.2 million US), Manny Ramirez ($20 million US), Derek Jeter ($18.9 million US) and Sammy Sosa ($18 million US).
Arn Tellem, Giambi's agent, flew to Gotham on Wednesday.
Jason Giambi is joining the Yankees for seven years and $120 million US.(AP Photo)
Giambi actually agreed to a six-year, $91 million US extension with Oakland last spring, but balked at the A's refusal to include a no-trade clause.
By the time the A's reversed their stance, Giambi was already looking elsewhere.
The free agent first baseman found himself heavily recruited by several Yankees, notably manager Joe Torre and Hall of Famer Yogi Berra.
New York Mayor Rudolph Guiliani, a dedicated Yankees fan, also made a spirited pitch.
And any wonder.
Giambi powered the Oakland Athletics to the playoffs, where they fell in five games to the Yankees in the AL Division Series.
Along the way, he hit .342 with 38 home runs and 120 runs batted-in and led the league in on-base percentage (.477) and slugging percentage (.660).
Giambi wound up runner-up to Ichiro Suzuki of the Seattle Mariners in American League Most Valuable Player balloting after being named AL MVP the year before.
He hit .308 with 187 homers and 675 RBIs in 953 games over seven seasons with the A's.
Giambi will replace outgoing infielder Tino Martinez in New York.
Martinez's power stats (34 homers, 113 RBIs) compared favourably to Giambi's last year, but he trailed significantly in batting average (.280), slugging percentage (.501) and on-base percentage (.329).
Like Martinez, Giambi, a prolific lefthanded-hitting slugger, should prosper from the short porch in right field at venerable Yankee Stadium.
He will also benefit from a bevvy of potent bats around him, including newly-acquired Robin Ventura and Rondell White.
Ventura was traded across town by the New York Mets last Friday, while White, a free agent who toiled for the Chicago Cubs in 2001, agreed to a tentative two-year, $10 million US pact on Wednesday.
Jeter, Jorge Posada, Alfonso Soriano, Shane Spencer and Bernie Williams round out the Yankees batting lineup.
Rookie infielder Nick Johnson offers yet another option, but Chuck Knoblauch is not expected back.
