The Yankees have signed Blake Snell from the Giants to a three-year contract valued at…

Scottsdale, Arizona — Blake Snell, the reigning National League Cy Young winner, has agreed to a $62 million, two-year contract with the San Francisco Giants after late talks with the Yankees failed to produce an agreement, The Post has learned.

Snell’s contract with the Giants contains an opt-out after the first year. It is awaiting a physical.

With this late-spring deal, the Giants have formed a formidable one-two rotation punch, with Snell joining ace right-hander Logan Webb.

Snell, 30, is 71-55 with a 3.20 ERA in 191 starts across eight major league seasons, including Cy Young awards in 2018 with Tampa Bay and last year with San Diego.

In 2023, he went 14-9 with a 2.25 ERA, which led the National League. Webb finished second in the Cy Young voting later that year.

The Yankees and Snell’s agent, Scott Boras, resumed talks in recent days, but they were unable to reach an agreement after exploring multiple options to mitigate the 110 percent, fourth-tier tax the Yankees face as a team above the final $297 million barrier.

Snell’s preference is unknown, but a handful of former teammates speculated that he could have chosen to stay on the West Coast, and the Yankees wonder if that was also an option.

Boras and the Yankees were attempting to find inventive methods to reduce the tax, but he was going to be quite expensive for the Yankees, as they are one of three clubs over the fourth-tier tax, with no obvious option to cut salary.

The Yankees will continue to pursue starting pitching, but their options are limited, especially because they are even less confident. Jordan Montgomery, the top remaining free agent, is eager in returning to the Bronx.

Montgomery has been linked to his previous Rangers team, where he helped them win their first World Series in 2023 with a strong postseason performance, as well as the Red Sox and Cubs, although it’s unclear whether anything is imminent with him.

The Yankees have been unable to get traction in trade talks for Marlins star Jesus Luzardo or others, and the starters who remain available are more depth pieces, highlighted by 2023 All-Star Michael Lorenzen and Mike Clevinger.