NEW YORK – The Yankees have made a move. Cody Bellinger now has a second contract offer on the table. And with trade talks heating up on another front, this offseason could finally open in the Bronx.
Joel Sherman, del New York Post reported on Saturday that The Yankees have raised their initial offer to Bellinger. The first offer came at the end of December. Now the two sides appear closer than ever to a meeting.
The pace of negotiations accelerates
It seems that an alarm clock has rung for the Yankees. After weeks of what seemed like a stalemate, the front office is finally moving forward. The second offer represents a clear increase in urgency on the part of the Bronx.
The New York Post’s Jon Heyman reported the initial offering on January 1. Just three days later, Sherman confirmed that the Yankees had returned with an improved offer. That kind of move suggests that both sides want to get this over with.
MLB Trade Rumors projects Bellinger will sign a five-year, $140 million contract. Three of his four writers predict he will return to the Yankees. FanGraphs’ median prediction puts the deal at five years and $135 million.
Bellinger thrived in stripes last season
The 30-year-old former NL MVP offered exactly what the Yankees needed in 2025. He hit .272/.334/.480 with 29 home runs and 98 RBIs in 152 games. His 5.1 WAR in Baseball Reference made him the team’s second most valuable player, behind Aaron Judge.
Bellinger feasted on the short right field porch of Yankee Stadium. At home, he slashed .302/.365/.554 with 18 home runs. Away from home, those numbers dropped to .241/.301/.414. The park’s dimensions fit perfectly with his approach of throwing balls into the air to right field.
His glove was equally impressive. Bellinger recorded a plus-12 defensive runs saved and a plus-9 outfield runs in 2025. He provided elite defense in the corners of the field, while also offering the Yankees a left-handed power bat behind Judge.
Cubs add intrigue, but may not be serious
A new but familiar team has joined the chase. Heyman reported Saturday that the Cubs have expressed interest in Bellinger’s services. He played in Chicago during the 2023-24 seasons before being traded to the Yankees.
The Cubs basically got rid of Bellinger last winter. They sent him along with $5 million to New York in exchange for pitcher Cody Poteet, who was later traded to the Orioles. It seems strange that they are now committing to a larger and longer agreement.
Bellinger’s market now includes all three of his former teams. The Yankees, the Cubs and the Dodgers have all been interested in him. The Giants, Mets, Angels, Blue Jays and Phillies have also shown interest in him. But the Yankees are still the clear favorites.
The Edward Cabrera connection matters
Sherman speculates that the Bellinger negotiations are related to the Yankees’ pursuit of Edward Cabrera. Yahoo Sports’ Russell Dorsey reported Saturday that talks between the Yankees and Marlins are intensifying over the right-handed pitcher.
If Bellinger returns, he would likely play left field alongside Judge in right and Trent Grisham in center. That outfield setup could make the Yankees more open to trading Jasson Dominguez or Spencer Jones as part of a package for Cabrera.
The Athletic also reported that the Yankees have been in contact with the Brewers about Freddy Peralta. Addressing the rotation remains a priority along with the outfield.
The list puzzle fits
Re-signing Bellinger would give the Yankees their starting outfield for 2026. Judge will remain in right field. Grisham accepted the qualification offer and will patrol downtown. Bellinger will occupy the left.
That leaves Dominguez without a starting job. The 22-year-old still has two minor league options left. It could become a bargaining chip or a platoon option. Jones, the team’s best outfielder, is expected to make his MLB debut sometime this season.
Ben Rice remains at first base with Giancarlo Stanton as the designated hitter. Bellinger could spell Rice at first and rotate into the DH spot when Stanton needs rest.
The Yankees can’t afford to wait much longer.
The Blue Jays have been aggressive this winter. They signed Dylan Cease to a seven-year, $210 million contract. They brought in reliever Tyler Rogers. On Saturday they signed Kazuma Okamoto. Toronto could still land Kyle Tucker or re-sign Bo Bichette.
The Yankees have spent about $29 million in free agency. Their only outside addition is Cade Winquest, a Rule 5 pick. All other moves have brought back players who were already in the organization.
Spring training begins in seven weeks. The top four free agents remain unsigned. But with a second offer on the table and trade talks heating up, the Yankees may finally be willing to do something. Bellinger appears to be the key to unlocking the rest of the winter.
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