ESPN's Buster Olney confirmed the hire.
Aaron Boone, who played 54 games with the New York Yankees in 2003, will reportedly be the 35th manager in club history.
The Athletic's Ken Rosenthal reported Meulens was the other finalist for the job.
Cashman indicated that there would be no further interviews, but it would seem likely that Steinbrenner would want to meet with the final choice or both candidates before giving his approval.
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Boone, 44, has never managed or coached at the pro level, but he's stayed in the game as an ESPN analyst and lately began considering making himself available for opportunities to manage.
"He definitely recognizes how much it's changed over the last couple years, five years, 10 years, to where - especially with analytics these days, it's a different job", Aaron Boone said.
A corner infielder who batted.263 during his 12-year Major League career, Boone played part of the 2003 season with the Yankees.
"At the end of the day, we're going to do things that are going to be best for the Yankees, " Boone said two weeks ago.
The New York Yankees have apparently decided that the right fit is more important when it comes to their managerial vacancy.
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Boone's time with the Yankees as a player wasn't very long; he broke his leg playing a pickup game of basketball; an injury that led to the trade of Alex Rodriguez in February of 2004.
Bob Boone was speaking from a Little League field in San Diego, where his twin grandsons - the children of Aaron's brother, Bret - were playing in a travel baseball game, perhaps on their way to extending the family's already unprecedented three-generation lineage in the sport.
"I reached out to Alex a number of times, 'Hey, what do you got?' I looked for a lot of guidance from a lot of people that I have a lot of respect for, and Alex knows baseball as well as anybody" Cashman said. "And it's I think now more than ever more of a partnership from front office to manager". But the former third baseman did help the Bronx Bombers win a World Series championship in 2009 and few would doubt his baseball I.Q. and overall love of the game.
"I think for him, gosh, being picked for his first job being the New York Yankees, which is probably the premium job of any sport in the world, is quite something".
The decision was down to Boone and Meulens after they, plus Beltran, gave the most impressive interviews, Bill Madden of the New York Daily News reports.
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