**** UPDATE (8:25 p.m.)*****

The Yankees will use Derek Lowe out of the bullpen when he arrives to New York on Monday, according to Marc Carig of the Newark-Star Ledger. David Phelps is expected to start in place of CC Sabathia when the Yankees start their series with the Texas Rangers.





Remember when the Yankees passed on Derek Lowe to sign A.J. Burnett in December of 2008?

It’s funny how things change in just four years, as according to Marc Carig of the Newark-Star Ledger, the Yankees have signed Lowe to a deal for the remainder of the 2012 season.



The news of the Yankees signing Lowe comes after it was announced that they will put their ace CC Sabathia on the 15-day DL with elbow soreness.

Sabathia was on the DL with a groin injury back on June 26, so this is a rare second stint on the DL for the Yankees lefty.

Andy Pettitte is still recovering from a fractured fibula that he suffered on June 27 and is not expected back until early September at the earliest.

Lowe had been designated for assignment by the Cleveland Indians after he posted an 8-10 record with a 5.51 ERA, pitching in 119 innings and making 21 starts so far this season.

Lowe is no stranger to pitching in the American League East, as he spent eight years with the Boston Red Sox (1997-2004).

His last year with the team was back in 2004, the same year they won the World Series for the first time in 86 years—a run that included coming back from and 0-3 and beating the Yankees in the ALCS. Lowe won Game 7 at Yankee Stadium for Boston.

Lowe was in the final year of the four-year, $60 million deal he signed with Atlanta, but was traded from the Atlanta Braves to the Indians before the season.

The Indians were on the hook for $5 million of the $15 million owed to Lowe, so with this signing of Lowe, they are on hook for a pro-rated version of the league-minimum.

Basically, the Yankees have acquired Lowe’s services for very little money.

It’s a risky signing because of Lowe’s ERA, but there are several upsides.

First, his playoff experience. Back in 2004, Lowe won all three deciding games for the Red Sox in the playoffs against the Angels, Yankees and Cardinals. That also included winning Game 4 of the World Series at Busch Stadium in St. Louis.

His durability is another great factor.

Since 2002, Lowe has made over 30 starts each season for the Red Sox, Dodgers and Braves. With the Indians, he’s made 21, so whether he hits 30 in 2012 is in question.

Despite his age of 39, he does not get hurt and he can throw a lot of innings.

Lowe is known as a sinkerball pitcher who can still generate ground balls; Lowe had a 60 percent ground ball ratio while with the Indians.

Some people might not like the signing of Lowe, but the 39-year-old has been inserted right back into a pennant race and has a chance to reestablish himself pitching in the Bronx.

At worst, if he stinks and is still getting whacked around Joe Girardi can stick him in the bullpen and use him as a long reliever.

Lowe just got a second chance to redeem his 2012 season and another chance to pitch for a championship.

What will he do now as a member of the Yankees? Only time will tell.

Stay tuned, Yankees Universe.

Read more MLB news on BleacherReport.com