Torre out as Yankee manager

Joe Torre has turned down a one-year deal with a vested option to return to manage the Yankees, president Randy Levine just said in a conference call.

Levine said the Yankee brass offered Torre a $5 million base salary with $1 million if he wins the divisional series, $1 million if he wins the ALCS and $1 million if he wins the World Series. Levine said the World Series option would vest Torre's '09 salary at $8 million.

Levine said Torre turned the deal down and now the Yankees are going "to move quickly" to hire a new manager, but did not reveal who.