I found this post on the spoiler site I read:
Updated on October 24:
Soap Opera Digest is reporting that Eric and the head honchos at CBS have turned the tables and have come to terms with a new contract - Eric will now be staying with the show! Eric's rep. stated, "Eric has agreed to return to Y&R."
Go here:
The Young and the Restless: Eric Braeden Out! - The Young and the Restless News - Soaps.com