The New York Yankees made re-signing Cody Bellinger a priority at the start of the MLB offseason, but the situation remains unresolved as free agency continues. Bellinger, who spent the 2025 season with New York after two years with the Chicago Cubs, is still without a contract while many other high-profile free agents have already signed.
League patterns have shown that when negotiations with a marquee player extend deep into the offseason, the likelihood of that player returning to his previous team often decreases. A recent example occurred on Saturday, when first baseman Alex Bregman signed with the Chicago Cubs after remaining on the market for an extended period.
On Sunday, ESPN MLB insider Buster Olney reported that the Yankees are “operating under the assumption that Cody Bellinger will sign elsewhere.” The update came as negotiations between the two sides slowed. New York is believed to have offered Bellinger a five-year contract worth $30 million per season, a figure that matches the average annual value of the deal Pete Alonso signed with the Baltimore Orioles last December. According to Brendan Kuty of The Athletic on January 8, the disagreement centers on contract length, with Bellinger’s camp continuing to seek a seven-year deal.
As Bellinger’s free agency remains unresolved, sportsbooks continue to list the Yankees’ championship outlook with varying prices. DraftKings currently lists the Yankees at +750 to win the 2026 World Series, the same odds the team carried when opening lines were posted in early November. FanDuel lists the Yankees at +700, while BetMGM also posts them at +750. PointsBet lists New York at +850, and Caesars has the Yankees at +960. Over that same period, the Los Angeles Dodgers’ odds shortened after their 2025 World Series win over the Toronto Blue Jays, moving from +370 at DraftKings’ opening to as low as +300 across multiple sportsbooks.
Bellinger’s next-team market has also been tracked by odds providers. DraftKings posted odds earlier in the offseason, with Action Network reporting on November 11 that the Yankees were listed as the early favorite at that time. On December 16, Sportsbook Review listed the Yankees at +450 to re-sign Bellinger. “Any Other Team” was listed at +550, with the Cubs at +650. The Mariners, Padres, Mets, Royals, and Astros were all listed at +700, followed by the Dodgers at +800 and the Giants at +900. BetMGM has stated that it does not currently offer odds on Bellinger’s next team, though it published an analysis predicting the New York Mets as a potential destination.
Several teams have been connected to Bellinger during the offseason. Reported suitors include the Los Angeles Dodgers, New York Mets, and San Francisco Giants. The Cubs were mentioned earlier in the offseason, but are now likely out after signing Bregman. The Toronto Blue Jays have been discussed as a possible late option if they are unable to sign Kyle Tucker, while the Boston Red Sox have also been mentioned as a team that could consider Bellinger if other plans do not develop.
The Yankees’ concern is tied to Bellinger’s production during the 2025 season. He played in 152 games and recorded 29 home runs, 98 RBIs, and a .272/.334/.480 slash line. His performance was stronger at Yankee Stadium, where he hit 18 of his 29 home runs. At home, Bellinger posted a .302/.365/.544 line with a 152 wRC+, compared to .241/.301/.414 and a 97 wRC+ on the road. His underlying metrics included a .254 expected batting average, .430 expected slugging percentage, an 88.3 mph average exit velocity, a 7.5 percent barrel rate, and a 37.9 percent hard-hit rate. The 314-foot right-field wall at Yankee Stadium played a role in his home-run production.
Bellinger’s season with New York followed varying results in prior years. In 2023 with the Cubs, he hit .307/.335/.525 with 26 home runs and a 135 wRC+. In 2024, he posted a .266/.325/.426 line with 18 home runs and a 108 wRC+. Before the 2024 season, Bellinger signed a three-year, $80 million contract with Chicago that included opt-outs after each year, allowing him to return to free agency after his season with the Yankees.
As New York evaluates alternatives, the team has been linked to Bo Bichette and Kyle Tucker as potential targets. Pat Ragazzo has also reported that the Yankees have shown interest in Cubs second baseman Nico Hoerner, who could be available following Chicago’s recent roster moves.