The tension is centered on two specific negotiations, which are complicated by the Yankees’ tight financial constraints and their surplus of outfield talent.
1. The Hitting Priority: Cody Bellinger Reunion
The Yankees’ primary focus remains securing a reunion with free-agent outfielder Cody Bellinger. General Manager Brian Cashman has confirmed that Bellinger is “still in play” and that dialogue with agent Scott Boras is ongoing.
- The Fit: Bellinger is an essential left-handed bat who thrived in Yankee Stadium, and his return is viewed as critical to balancing a heavily right-handed lineup.
- The Hurdle: Reports indicate a “gap in negotiations,” with Boras seeking a longer deal than the Yankees are comfortable with. Furthermore, signing Bellinger to his expected high AAV would push the Yankees well over the $300 million luxury tax threshold, a decision that requires ownership sign-off.
2. The Pitching Priority: Trade for a Starter
The Yankees are facing a severe shortage of dependable starting pitching at the start of the 2026 season due to injuries to Gerrit Cole, Carlos Rodón, and Clarke Schmidt. Cashman needs an established starter to slot in alongside Max Fried.
The rumors suggest two highly aggressive trade targets:
- Freddy Peralta (Brewers): A trade proposal involving Freddy Peralta from the pitching-rich Brewers is gaining traction. Peralta has just one year of club control remaining, making him an ideal trade candidate for Milwaukee, while he provides the Yankees with an immediate, high-quality solution.
- Sandy Alcantara (Marlins): While less likely, discussions with the Marlins about 2022 Cy Young winner Sandy Alcantara have occurred, indicating the Yankees are willing to sacrifice top prospects for a guaranteed ace.
🔄 The Trade Chip: The Jasson Dominguez Dilemma
The crucial element making a major, silent trade possible is the surplus of outfielders created by the re-signing of Trent Grisham (who accepted the qualifying offer). This creates a logjam that makes a trade of one of their high-value prospects almost inevitable.
Jasson Dominguez is the player most frequently linked to trade talks.
- Trade Logic: If the Yankees re-sign Cody Bellinger, they will have too many outfielders. ESPN reports that rival teams will “ask for Jasson Dominguez first” in any trade discussions, seeing his high ceiling as a perfect centerpiece for a return package (like the Peralta trade).
- The Big Plan: Trading Dominguez (or prospect Spencer Jones) would clear the logjam, acquire the needed starting pitching (Peralta/Alcantara), and open up the necessary funds to meet Bellinger’s demands.
The secret meeting and silence suggest the Yankees are attempting to coordinate the Bellinger signing with a top-tier trade for pitching, a combination that would indeed shake the Winter Meetings and redefine their season expectations overnight.
