ESPN's Buster Olney reports that the Cubs will pay roughly $17.7 million of the approximately $24.5 million left on Alfonso Soriano's contract. The Yankees will be on the hook for about $1.8 million this year and $5 million next year. The trade sending the veteran outfielder back to the Bronx only needs commissioner Bud Selig's approval at this point. The Cubs are expected to receive pitching prospect Corey Black in the deal.

CBS Sports' Jon Heyman reports that the Cubs are expected to assume more than half of the remaining $24 million remaining on Alfonso Soriano's contract when the trade with the Yankees goes through. Soriano is making $18 million this season and is set to earn another $18 million next year. The Yankees are only expected to send a low-level pitching prospect to the Cubs in the deal. The trade is not expected to be finalized until Friday, as commissioner Bud Selig still has to approve it since so much money is changing hands.

The Yankees are close to acquiring Alfonso Soriano from the Cubs. The news comes from Cubs manager Dale Sveum, who said that was the reason Soriano was a late scratch from Thursday's lineup. It's not clear at this point who the Cubs will receive in return or how much of Soriano's salary they'll have to eat. Soriano should play left field for the Bombers for now and then take over as the primary DH after Curtis Granderson returns.

FOX Sports' Ken Rosenthal reports that the Rangers are considering Alfonso Soriano. He adds that a deal with the club is "unlikely." The Rangers have been connected to a host of hitters, from Hunter Pence to Alex Rios to Kendrys Morales to Marlon Byrd, but it doesn't sound like Soriano is near the top of the list.

Alfonso Soriano met with Cubs president Theo Epstein on Tuesday to give him a list of teams he would approve a trade to. The Yankees, who have heavy interest in bringing the outfielder back, are on the list. Though a trade doesn't appear to be imminent, Soriano indicated Tuesday that he's prepared for a deal to go down. "Sometimes we have to move," he said. It's not clear if any other teams are showing interest in Soriano.

Alfonso Soriano is not in the Cubs' lineup Wednesday. It's just a routine day of rest for the veteran outfielder, who is drawing heavy trade interest from the Yankees. He could be on the move at some point this week.

ESPN's Buster Olney reports that there's a "large gap" between how the Cubs and Yankees value Alfonso Soriano and who should be responsible for how much of his salary. A report late Monday evening suggested that the two sides were close to a deal, but that was clearly premature. Soriano would have to waive his no-trade clause to get a deal done, while the Cubs would have to cover the bulk of the $24 million remaining on his contract. Still, there does appear to be a potential fit between the two sides.

Paul Sullivan of the Chicago Tribune was told by a Cubs source that the club is discussing a trade with the Yankees involving Alfonso Soriano, but that conversations are preliminary and they are "not close" to a deal yet. The New York Post reported early Tuesday morning that the two clubs were discussing a deal. While nothing is close yet, Sullivan writes that both sides appear motivated to make a deal. Soriano would have to waive his no-trade clause while the Cubs would have to cover the bulk of the $24 million remaining on his contract. The Yankees would likely send a lower-level prospect in return. With that in mind, Joel Sherman of the New York Post reports that the Cubs scouted Triple-A reliever Chase Whitley over the weekend.

The Yankees are close to acquiring Alfonso Soriano from the Cubs for a mid-level prospect, according to the New York Post. According to the Post, they'll again take advantage of the loophole that helped them with the Vernon Wells acquisition, allowing them to take most of Soriano's luxury-tax hit this year as opposed to next year, when they're trying to get under the cap. The Yankees' right-handed hitters have been terrible, so Soriano can't help but be an upgrade. He could play left field now and then take over as the primary DH after Curtis Granderson returns.

Alfonso Soriano continued his hot-hitting ways in Saturday's 6-4 victory over the Cardinals, going 2-for-5 with a double and a solo home run. Soriano also scored a pair of runs in the game. The 37-year-old outfielder is in the midst of a terrific run right now, hitting .350 (21-for-60) with nine homers, 19 RBI and a pair of stolen bases in his last 15 games. He's hitting .264/.293/.481 on the season with 16 homers, 49 RBI and 10 stolen bases. He'll be a prime trade target over the next few weeks, and a move away from the Cubs could increase his already ample fantasy value.