Rafael Soriano turned out to be a vital insurance policy for the New York Yankees. Now, they might need a new one.

The fill-in closer opted out of the final year of his $35 million, three-year contract Wednesday and will likely seek a long-term deal in free agency. Soriano had 42 saves for the AL East champions last season after Mariano Rivera tore knee ligaments in early May.

Soriano was set to make $14 million next year and had until Wednesday to opt out. Instead, New York will pay him a $1.5 million buyout. The Yankees can make him a qualifying offer of $13.3 million before Friday’s midnight deadline and if Soriano signs with another team, they will get draft compensation.

“I’m not surprised because (agent) Scott Boras told me he was confident he could get him 15 times four (years), $60 million. If that’s the case, it would be a good deal for Soriano,” Yankees president Randy Levine told The Associated Press. “I hope that’s what’s real in the marketplace.”

Soriano, who will be 33 in December, signed his lucrative contract with New York before the 2011 season after saving a career-high 45 games for Tampa Bay. Yankees owner Hal Steinbrenner overruled general manager Brian Cashman in making the deal after Cashman was opposed to it.

While Soriano appears poised to leave the Yankees, Ervin Santana is headed to Kansas City and Ryan Ludwick plans to test the open market.

The Royals made their first move toward shoring up their shaky rotation, acquiring Santana from the Los Angeles Angels for minor league reliever Brandon Sisk.

Santana was an All-Star in 2008 and threw a no-hitter in 2011, but struggled with the long ball this year. He allowed a major league-worst 39 homers and went 9-13 with a 5.16 ERA — although he showed improvement down the stretch.

David Wright ($16 million) and R.A. Dickey ($5 million) had their contract options picked up by the New York Mets. General manager Sandy Alderson has said signing the two All-Stars to long-term deals is his top priority this offseason.

Ludwick and Cincinnati Reds teammate Ryan Madson became free agents when they declined mutual contract options.

The 34-year-old Ludwick turned down $5 million and received a $500,000 buyout. He batted .275 with 26 home runs and 80 RBIs for the NL Central champions before going 6 for 18 (.333) with three homers and four RBIs in the division series.