Here’s the latest Yankees free agency and trade buzz during the 2025-26 MLB offseason…
Dec. 14, 7:35 p.m.
While reports indicated that the San Francisco Giants “do not anticipate making the nine-figure investment” required to sign free agents this offseason, they aren’t checked out of the marketplace altogether.
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The San Francisco Chronicle’s Susan Slusser reported recently that the Giants “have checked in on” Cody Bellinger, the Yankees’ No. 1 target.
Bellinger proved to be a big part of the Yanks’ last season, contributing well on both sides of the ball with 29 home runs, 98 RBI, and a .272/.334/.480 slash line for an .813 OPS (125 OPS+ and wRC+) while ranking in the 93rd percentile in outs above average (seven) and with 12 defensive runs saved.
Dec. 11, 12:21 p.m.
The Yankees “have listened” when it comes to a potential Jazz Chisholm Jr. trade, reports Jeff Passan of ESPN.
Chisholm is set to earn roughly $12 million via arbitration in 2026 in what is his final season before free agency.
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He spent time at third base (28 starts) and second base (96 starts) in 2025 — and was not thrilled with his time at third, noting “everybody knows I’m a second baseman.”
Offensively, Chisholm had a big season, posting an .813 OPS while hitting 31 home runs.
The Yankees’ infield is unsettled. Ben Rice is penciled in at first base, with Ryan McMahon at third base. But the shortstop situation is in flux with Anthony Volpe expected to miss the start of the 2026 season after having shoulder surgery.
Other infield options include Jose Caballero and Oswaldo Cabrera.
Dec. 10, 7:26 p.m.
Brewers right-hander Freddy Peralta is a hot name on the trade market this offseason, and the Yankees are among the teams reportedly looking to add him to their team.
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According to Will Sammon and Ken Rosenthal of The Athletic, the Yankees are one of five teams looking to trade for Peralta, joining the Orioles, Red Sox, Giants and Astros. Other clubs like the Mets had previously reported interest in a trade for Peralta.
The news comes just days after the Brewers made it known they were open for business on a trade.
With Gerrit Cole and Carlos Rodon starting the 2026 season on the IL, the Yankees would hope Peralta gives them the depth needed to get through a season until their big arms return.
Dec. 8, 9:50 p.m.
Looking for bullpen help, the Yankees have shown an interest in right-hander Brad Keller, according to a report from Gary Phillips of The New York Daily News on Monday.
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Nothing is imminent between Keller and the Yanks, Phillips reported, adding that two or three teams are considering signing the 30-year-old free agent as a starting pitcher.
Keller is coming off his best year as a professional by far, pitching to a 2.07 ERA and 0.962 WHIP with 75 strikeouts to 22 walks in 69.2 innings over 68 appearances out of the bullpen. The righty has some very attractive attributes: 30.6 percent hard-hit percentage (99th percentile) last year, with a fastball that averaged 97.2 mph and a sinker at 96.7 mph.
Dec. 8, 8:45 p.m.
As the Mets and Yankees continue to look to revamp their bullpen this offseason, they’ve both called the Brewers about reliever Trevor Megill, according to Joel Sherman of the NY Post.
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Megill, of course, is the older brother of Mets starter Tylor Megill.
The 32-year-old would be a tremendous boost at the backend for either club, as he has developed into one of the top relievers in baseball over the past few seasons.
Megill missed time to injury last year, but pitched to a stellar 2.49 ERA and 1.12 WHIP while locking down 30 saves.
Dec. 8, 1:24 p.m.
SNY MLB Insider Andy Martino believes there’s a “solid chance” the Yankees will retain free agent Amed Rosario.
Rosario had a .788 OPS in 16 games for the Yanks last season after being acquired from the Nationals ahead of the trade deadline.
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The 30-year-old excelled against left-handed pitching in 2025, slashing .302/.328/.491 in 122 plate appearances.
Rosario would provide strong versatility if brought back, with the ability to play shortstop, third base, second base, and left field.
Dec. 7, 9:31 p.m.
While the Yankees reportedly discussed the chance of a reunion with All-Star reliever Devin Williams a few weeks ago, it appears their conversations never intensified.
Yankees general manager Brian Cashman said as much on Sunday night at the Winter Meetings, telling Greg Joyce of the New York Post that the club didn’t even make a formal offer to Williams before he signed a three-year deal with the Mets last weekend.
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According to Joyce, Cashman asked Williams’ agent to keep the Yankees in the loop regarding the right-hander’s market, but he didn’t get a call prior to Williams signing in Queens. Cashman also noted that Williams’ reps never “needed to” update him on the process.
Dec. 4, 11:42 a.m.
While other suitors are certainly in the mix, Cody Bellinger remains the Yankees’ No. 1 target, and the club is making a “big effort” to bring him back, according to Jon Heyman of the New York Post.
Heyman lists the Mets, Phillies, Angels, and Dodgers as other possibilities.
ESPN’s Jeff Passan has previously reported that signing Bellinger would be a “multipart move” for the Yankees, as the club would almost certainly need to move one of their other outfield pieces –potentially Jasson Dominguez or up-and-coming prospect Spencer Jones.
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With Trent Grisham accepting the qualifying offer, the Yanks would have a surplus of outfielders if Bellinger was to re-sign.
Dec. 3, 8:22 p.m.
The high-stakes bidding war for Kyle Tucker officially includes one of the Yankees’ division rivals, as the superstar outfielder visited the Blue Jays’ facility in Florida on Wednesday, according to a report from Robert Murray of FanSided.
It’s no surprise the reigning AL champions are big-game hunting for a new bat. The club signed free-agent starter Dylan Cease to a massive seven-year, $210 million deal and right-hander Cody Ponce to a three-year, $30 million contract in the last week.
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Murray reports the Blue Jays are also interested in retaining shortstop Bo Bichette, who could garner an average annual value above $20 million.
Tucker would make the Blue Jays’ lineup even more imposing. In his lone season with the Cubs, the 28-year-old slashed .266/.377/.464 with 22 home runs and 25 steals. His seven-year run with the Astros was far more impressive, though — he hit .274 with 125 homers and 417 RBI.
Only time will tell if the Yankees make a legitimate run at Tucker’s services. His contract demands seem too rich for their blood, and the Yankees have stated they’re focused on re-signing Cody Bellinger, who’d come at a much lower price.
Dec. 1, 9:19 a.m.
The Yankees re-signing Cody Bellinger would be a “multipart move,” reports Jeff Passan of ESPN.
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Per Passan, the Yanks are unlikely to enter the season with Bellinger, Aaron Judge, Trent Grisham, Jasson Dominguez, and Spencer Jones all on the team.
Things got tight player-wise and payroll-wise for New York when Grisham accepted the one-year qualifying offer.
Another factor when it comes to Bellinger or other large signings/trades for the Yanks this offseason is that with Grisham now in tow, New York’s payroll for 2026 is already roughly $278 million.
Pair the above with owner Hal Steinbrenner‘s recent comments that it would be “ideal” to lower payroll for this coming season — and his repeated statements about not wanting to carry a payroll above $300 million — and it’s fair to wonder how much wiggle room there will be to retain Bellinger and address other needs.
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Nov. 20, 9:37 a.m.
The Yankees and Devin Williams‘ representatives recently discussed the possibility of the reliever returning to the Bronx, per Ken Rosenthal and Will Sammon of The Athletic.
In addition to the Yanks, Williams has reportedly drawn interest from the Mets, Dodgers, and Blue Jays, among others, this offseason.
The Yankees recently re-signed left-hander Ryan Yarbrough, but their ‘pen is still in need of serious reinforcements.
In addition to Williams, Luke Weaver is also a free agent.
Nov. 13, 11:09 a.m.
The Red Sox are among the teams with interest in Devin Williams, reports Will Sammon of The Athletic, who also lists the Dodgers and Reds among teams that have expressed interest.
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Fabian Ardaya of The Athletic also reported on Los Angeles and Williams, saying there appears to be mutual interest.
Los Angeles was one of the teams exploring the possibility of dealing for Williams last offseason before he was traded to the Yankees.
Williams, 31, struggled last season for the Yanks, posting a 4.79 ERA and 1.12 WHIP in 62.0 innings.
While Williams was not his regular elite self, his stuff still played up as he had a strikeout rate of 13.1 per nine.
In addition to Williams, Luke Weaver is also a free agent, leaving the back end of New York’s bullpen in an uncertain spot.
Nov. 12, 11:33 a.m.
A source told Gary Phillips of the New York Daily News that the Yankees have checked in on left-hander Ryan Yarbrough, and the club is “expected to be suitors” for the 33-year-old.
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After signing with the Yanks last spring, Yarbrough ended up being a valuable and versatile piece for Aaron Boone‘s pitching staff. He started eight games and appeared in 19 games in total, pitching to a 4.36 ERA while holding opposing lefties to a .198 batting average.
Yarbrough did miss a significant chunk of the season, though, as an oblique injury kept him out from mid-June to early September. As a result, he was left off the Yankees’ postseason roster.
Nov. 11, 3:45 p.m.
Historically, the Yankees have been among the highest-spending teams in baseball, but owner Hal Steinbrenner and GM Brian Cashman have reiterated multiple times over the past couple of years that having a payroll over $300 million is “simply not sustainable for us, financially,” as Cashman put it.
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“It wouldn’t be sustainable for the vast majority of ownership [groups], given the luxury tax we have to pay,” Cashman said last May. “I’ve been a broken record [on this topic]: I don’t believe I should have a $300 million payroll to win a championship.”
So how does that line of thinking impact what the Yankees will do this offseason?
Appearing on “Pinstripe Post,” Joel Sherman of the New York Post laid out how he believes the Yankees can thread the needle to retain a key free agent like Cody Bellinger, whom he referred to as “the key to their offseason,” while lowering their payroll beneath the $300 million number.
“I think the goal this offseason is to try to get under $300 million, luxury tax money. I think within that they’d like to re-sign Cody Bellinger, add another reliever who can pitch in the final six outs of the game… I think they’d like to find a complementary starting pitcher to help them through some injuries early in the season. I think they’d love to flip J.C. Escarra for a righty version of J.C. Escarra… and I think they’d like to find a complementary right-handed bat, and maybe plus Amed Rosario, who they liked a lot and tried in previous years to get.
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“That all told, I think the Yankees would feel, if they got the versions of the players they wanted to, they would feel that’s a 90+ win team, and they’d have a shot to line it up, and that they could do that in the high ($200 millions).”
The Yankees ended last season with a payroll of $323.7 million, for luxury tax purposes. Factoring in projections for arbitration eligible players and other players in their pre-arbitration years who are still under team control, the Yankees currently have a payroll of roughly $244 million.
Can the Yankees fit in a player like Bellinger, who is projected to make somewhere around $27 million per season, and still make other needed moves while staying under the $304 million luxury tax threshold?
If that is indeed the goal, while it does appear possible, there doesn’t seem to be a lot of wiggle room.