At the beginning of the offseason, there was a feeling that the Yankees once Cody Bellinger they will meet again. That could still happen but it seems up in the air at the moment. It appears that negotiations between the two sides have stalled. Jon Heyman of the New York Post reports today that both sides have been exploring other options recently. Bellinger has interest from other clubs. Meanwhile, the Yankees have been contacting free agents Bo Bichette again Kyle Tuckerprevious contacts. They also tested the people who will trade Luis Robert Jr. of the White Sox and Nico Hoerner At Mantshontsho. The Yanks’ interest in Hoerner was first reported by Pat Ragazzo of SI.
Bellinger spent 2025 in the Bronx and it seemed to be going well. He hit 29 home runs and slashed .27/.334/.480 with a wRC+ of 125. He stole 13 bases and played all three outfield spots and first base. He looked especially comfortable at Yankee Stadium, hitting .302/.365/.544 there. He opted out of the final season of his contract, took a $5MM buyout and left a $25MM salary on the table. At the start of the season, MLBTR predicted that Bellinger would have enough juice for a five-year, $140MM deal.
On New Year’s Day it was reported that the Yanks had made an offer to Bellinger. A few days later came reports of a second offer. No details of any offer were initially disclosed but ongoing reports indicated that the parties were not close to an agreement. Subsequent reports put the Yankees’ five-year offer at more than $30MM per year, which puts the guarantee somewhere in the area of $155MM. That wasn’t enough to make Bellinger’s deal hopefully reach seven years.
It seems both sides have taken a break from looking down to look elsewhere. Heyman says they continued to talk over the weekend but each team is considering other options. Heyman mentions the Dodgers, Giants and Mets as clubs believed to be interested in Bellinger. Those clubs were rumored to be tied to Bellinger earlier this winter but are ineligible. All three could use foreign aid to varying degrees but also seem to be trying to avoid long-term commitments for now.
As the rivalry between the Yankees and Bellinger seems to be the height of their gift, it is hard to imagine any clubs beating the Yankees. Any of the three could probably change their situation to take advantage of this opportunity, but it’s also possible that those clubs would like to get Bellinger on another short-term deal. It’s not clear if he’d be willing to do that after going down that road a few years ago, but it depends on where things go in the next few weeks.
The Blue Jays have also been linked to Bellinger this winter but it seems they are more focused on Bichette and Tucker with Bellinger perhaps a backup plan. The Cubs have also been linked with their old friend Bellinger this winter, but he signed Alex Bregman it may be their biggest winter splash.
For the Yankees, maybe they can expand their offering but they also see what else is on the menu. With Hoerner, it is unclear if the Cubs have any interest in trading him but he has been rumored and it is arguable that he should consider it. Hoerner is a good player but he is a free agent after 2026. Since the Cubs recently signed Bregman, their infield is now a mess. Putting Bregman on the third bump Matt Shaw on the bench.
If they wanted to, the Cubs could trade Hoerner and move Shaw to second base. That will split things up a bit and should return something valuable. Hoerner’s $12MM salary this year is very affordable considering his production. He doesn’t hit a ton of home runs but rarely does he strike out, relying on his touch, speed and defense to provide value. It’s a viable combination, as FanGraphs has given him a chance of 3.9 wins above replacement or more over the past four years.
It could also give the Cubs more breathing room in terms of competitive balance. The Cubs moved slightly above the CBT in 2024 but stayed below the line in each season from 2021 to now.
RosterResource currently estimates them at a CBT number of just over $243MM, putting them under a million on this year’s line. The CBT team number is not calculated until the end of the year, so an in-season move can move a club up or down. If the Cubs want to avoid the tax in 2026, creating some cap space now would be something to consider to give them more leverage at the deadline.
For the Yankees, Hoerner would not help put Bellinger on the field but should make the team better. Although he has been a second baseman for the Cubs, he is considered good enough to be a shortstop. He was just hanging around in his self-respecting bag Dansby Swanson.
The Yanks have an uncertain shortstop situation right now, hence their previous connection to Bichette. Anthony Volpe he is coming off a down year and may not be ready for Opening Day 2026 as he recovers from shoulder surgery. José Caballero currently projects as the top shortstop for the first season, though he has been a utility guy in his career. If the Yanks add a shortstop, then they could return to that role.
Thinking about signing Bichette had several attractions. He can develop the shortstop position now, then second base in the future. Jazz Chisholm Jr. he is currently the second player in the team but is expected to work for free after next season. It’s the Yanks who have a short chance George Lombard Jr. waiting in the wings, Bichette can temporarily close the year and slide to the other side of the bag with Lombard or Volpe reviving in short.
Hoener will not be the same acquisition, barring an extension, as he is only signed until 2026. However, that may appeal to the Yankees in a different way. They can upgrade the midfield at the moment without major sacrifices. After 2026, depending on how things go with Lombard, Volpe, Hoerner and Chisholm, they may decide how to invest in the middle and long term.
However, they would have to give the Cubs something valuable in return. That being said, it’s unclear if the Cubs have any interest in flipping Hoerner. Even if they do, they may be looking for some kind of upgrade now, possibly in the pitching staff. With the Yanks looking to help themselves, it may be a challenge to make a deal that makes sense for both parties.
As for Robert, he’s available but he’s also tricky to let you know. He showed borderline MVP upside but is coming off two years plagued by injuries and limited performance. In 2023, he hit 38 home runs and stole 20 bases, slashed .264/.315/.542 and earned strong marks for his center field defense. But since then, he’s made several trips to the injured list while slashing .223/.288/.372 with an 84 wRC+.
The White Sox are rebuilding and will trade Robert but it appears that they are hoping to trade him for a very high price. He was not moved in 2025 even though it was the last guaranteed year of his contract. They picked up a $20MM option in 2026. Teams like the Yankees and others may want to buy low but the Sox are likely motivated to wait. After his down year, it would make sense to hold onto him until the deadline, hoping that he will return to form and therefore increase his trade value.
The Yankee outfield is currently a project to include Aaron is the judge again Trent Grisham in two places. If the season started today, Jason Domínguez again Spencer Jones will fight for the third time. Domínguez is coming off a rough year in 2025, with a mediocre bat and poor defense. Jones hit 35 home runs in the minors last year but also struck out 35.4% of the time, raising questions about how strong his belt will be in the majors.
Acquiring Hoerner won’t do much to change that picture but perhaps the Yanks can be more comfortable with the uncertainty of a Domínguez/Jones combo with a strong infield. Bringing back Bellinger, signing Tucker or acquiring Robert would strengthen the outfield, bump Domínguez into a part-time role and keep Jones in Triple-A.
There are a lot of moving pieces here as the offseason enters its final weeks before pitchers and catchers report to spring training. Tucker, Bichette and Bellinger are the best players around, with a lot of overlapping interest. The Jays appear to be in on all three, considered by some to be Tucker’s favorites but the Bichette pairing also makes sense. Like Bellinger, Bichette is considering other options. He meets the Phillies today, though that’s complicated, as it looks like Philadelphia will have to go through both. JT Realmuto again Alec Bohm to include Bichette in the list and budget. The Red Sox recently missed Bregman and could turn to Bichette but don’t seem too keen on a big long-term investment. The Dodgers, Giants and Mets could be looking to take advantage if a good short-term opportunity presents itself.
It’s a little game of musical chairs with the Yankees and Bellinger as some of the key players. Bregman just got a seat in Chicago but others will have to stay soon. Pitchers and catchers report to spring training in about a month, so the music goes down.
Photo courtesy of Sergio Estrada, Imagn Images
