The New York Yankees are not yet done bolstering their bullpen, as reports indicated that they are also looking at former Boston Red Sox reliever Joel Hanrahan.

The Yankees, who have been on a spending spree this offseason, recently inked a minor league deal with former All-Star closer Andrew Bailey, but the 29-year-old pitcher is not expected to contribute immediately.

The five-year veteran was sidelined for the majority of the 2013 MLB season after sustaining a torn labrum in July, which required major surgery.

And with Bailey out probably until late next season, the Yankees are reportedly setting their sights on Hanrahan.

According to the NY Daily News, Hanrahan could be considered to take the role of former eighth-inning pitcher David Robertson if Robertson makes a good case for himself as the Yankees' new closer after Mariano Rivera called it quits.

"If Robertson is successful, a player like Hanrahan would probably serve as a setup man," the NY Daily News noted. "All of this might end up being due diligence, but it underscores that even internally, the Yankees understand their bullpen is thin, a potential weakness that could undermine some of their improvements in other areas, like the rotation and lineup."

Aside from Hanrahan, the Yankees are also reportedly monitoring the situation of former Philadelphia Phillies closer Ryan Madson.

The veteran reliever has not played since 2011 after undergoing Tommy John surgery, but reports indicated that Madson has been very impressive in recent showcases.

However, the Yankees are reportedly unwilling to sign Madson with his current asking price.

Reports also indicated that the Yankees are not closing their doors on their in-house options, which include Shawn Kelley and Matt Thornton.

Sources said that Joe Girardi is convinced that Kelley is not yet ready to be the Yankees' eighth-inning man, but the right hander said that he will be ready for whatever role he'll be given, whether as the Yankees' eighth-inning pitcher or a set-up man next season.

"Obviously, the closer is a different beast, but as far as the other ones, it's not so much the inning, it's the situation," Kelley said. "If it's a one-run game and you're in in the sixth, you can win and lose a game right there just as easily as you can in the eighth."