From Bryan Hoch:

A report in The Record of Hackensack, N.J., discounted a Boston television station's claim that the Yankees were one of four teams to bid on Lowell. Citing two high-level Yankees executives, the report indicated the Yankees have not made a formal offer.

Additionally, the New York Daily News reported Saturday that any reports of a Yankees offer were "pure fantasy." In reality, Lowell has received a reported three-year contract offer worth between $35 and $45 million from the Red Sox. He is believed to covet a fourth year.