NEW YORK — The Yankees have made their move. A second contract offer is now on Cody Bellinger’s table. And with trade talks heating up on another front, this offseason could finally break open in the Bronx.
Joel Sherman of the New York Post reported Saturday that the Yankees have upped their initial offer to Bellinger. The first bid came in late December. Now the two sides appear closer than ever to a reunion.
The pace of negotiations picks up
An alarm clock has seemed to go off for the Yankees. After weeks of what felt like a stalemate, the front office is finally pushing forward. The second offer represents a clear increase in urgency from the Bronx.
Jon Heyman of the New York Post reported the initial offer on January 1. Just three days later, Sherman confirmed the Yankees had come back with an improved bid. That kind of movement suggests both sides want to get this done.
MLB Trade Rumors projects Bellinger will sign a five-year, $140 million contract. Three of their four writers predict he will return to the Yankees. The median crowd-sourced prediction on FanGraphs puts the deal at five years and $135 million.
Bellinger thrived in pinstripes last season
The 30-year-old former NL MVP delivered exactly what the Yankees needed in 2025. He slashed .272/.334/.480 with 29 home runs and 98 RBI in 152 games. His 5.1 WAR on Baseball Reference made him the team’s second most valuable player behind Aaron Judge.
Bellinger feasted on the short right field porch at Yankee Stadium. At home, he carried a .302/.365/.554 slash with 18 home runs. On the road, those numbers dropped to .241/.301/.414. The park dimensions align perfectly with his approach of pulling balls in the air to right field.
His glove was equally impressive. Bellinger posted plus-12 defensive runs saved and plus-9 fielding run value in 2025. He provided elite defense in the corner outfield spots while giving the Yankees a left-handed power bat behind Judge.
The Cubs add intrigue but may not be serious
A new but familiar team has joined the chase. Heyman reported Saturday that the Cubs have checked in on Bellinger’s services. He played for Chicago during the 2023-24 seasons before being traded to the Yankees.
The Cubs essentially salary dumped Bellinger last winter. They sent him and $5 million to New York for pitcher Cody Poteet, who was later traded to the Orioles. It seems strange they would now commit to a larger, longer deal.
Bellinger’s market now includes all three of his former teams. The Yankees, Cubs, and Dodgers have all been connected to him. The Giants, Mets, Angels, Blue Jays, and Phillies have shown interest at various points as well. But the Yankees remain the clear frontrunners.
The Edward Cabrera connection matters
Sherman speculates that the Bellinger negotiations may be linked to the Yankees’ pursuit of Edward Cabrera. Russell Dorsey of Yahoo Sports reported Saturday that talks between the Yankees and Marlins are intensifying over the hard-throwing right-hander.
If Bellinger returns, he would likely play left field alongside Judge in right and Trent Grisham in center. That outfield configuration 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 maintained contact with the Brewers on Freddy Peralta. Addressing the rotation remains a priority alongside the outfield.
The roster puzzle falls into place
Re-signing Bellinger would give the Yankees their starting outfield for 2026. Judge remains in right field. Grisham accepted the qualifying offer and will patrol center. Bellinger slots into left.
That leaves Dominguez without a regular spot. The 22-year-old still has two minor league options remaining. He could become a trade chip or platoon option. Jones, the team’s top outfield prospect, is expected to make his MLB debut at some point this season.
Ben Rice remains at first base with Giancarlo Stanton at designated hitter. Bellinger could spell Rice at first and rotate through the DH spot when Stanton needs rest.
The Yankees cannot afford to wait much longer
The Blue Jays have been aggressive this winter. They signed Dylan Cease to a seven-year, $210 million deal. They added reliever Tyler Rogers. They landed Kazuma Okamoto on Saturday. Toronto could still land Kyle Tucker or re-sign Bo Bichette.
The Yankees have spent roughly $29 million in free agency. Their only external addition is Rule 5 pick Cade Winquest. Every other move has brought back players already in the organization.
Spring training opens 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 ready to make something happen. Bellinger appears to be the key to unlocking the rest of their winter.
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