From SI.com:

Alex Rodriguez will attract interest from at least a handful of teams if he opts out of his $252 million contract at the end of the season, with the Angels perhaps first in line. But Yankees general manager Brian Cashman made clear in an interview on Tuesday that Rodriguez's current team will not chase A-Rod and will not be part of any bidding war.

"He has a significant contract as it is," Cashman told SI.com. "So I don't anticipate any dialogue regarding an extension." ...

Cashman likes Rodriguez enough that it's believed he'd consider an extension at some point, but not an extension merely to prevent A-Rod from opting out of his current deal. "That's smart," one competing GM says. "This way all the pressure's on A-Rod, and there's no blood on [Cashman's] hands."

Via MLB.com.