Yankees' SECOND Offer To Cody Bellinger Could Lead to Huge Trade

The New York Yankees have been in a bit of a slumber this offseason, but they seem to be coming out of hibernation as the calendar has flipped to 2026. Word from insider Joel Sherman is that they've stepped up their efforts to re-sign their crucial free agent Cody Bellinger by making him a SECOND offer.

Per @joelsherman1, the Yankees have made a second offer to Cody Bellinger in free agency pic.twitter.com/5WiGZqOgwX
— Yankees Videos (@snyyankees) January 4, 2026

Are the Yankees the favorites to sign Cody Bellinger?@Joelsherman1 | #MLBNHotStove pic.twitter.com/K997uV0I7Q
— MLB Network (@MLBNetwork) January 5, 2026

But that big move, should a signing come to pass, could be followed by a blockbuster trade as well, according to Erin Shapland in si.com.

Given that we know the Yanks are also in talks with the Miami Marlins about starting pitcher Edward Cabrera, the Bellinger signing locking up a spot in the outfield could have a domino effect:

"With Bellinger back on board, the Yankees could (more practically) trade away their up-and-coming young outfielders — Spencer Jones and/or Jasson Dominguez," writes Shaplan. "Sherman suggests this is especially realistic given the Yankees' recent trade relationship with the Marlins after their 2024 offseason trades with the Yankees."

Jones, 24, tore it up in AA and AAA in 2025, launching 35 homers with 80 RBIs in just 116 games, with a .932 OPS. Dominguez, on the other hand, struggled for the most part in his first full season in the majors. The former No. 1 Yankees prospect hit just 10 homers, with a .719 OPS. He did show off his speed, with 23 stolen bases.

The Bronx Bombers are also interested in ace pitcher Freddy Peralta of the Milwaukee Brewers, who is also on the trade block. The same reasoning could see them pivot to a move like that once (if) Bellinger is back on board.

The Yankees would love to get another strong starter in the rotation, as they'll have to start the 2026 season without Carlos Rodon, Gerrit Cole, and Clarke Schmidt, who are all recovering from elbow surgeries.

Bellinger had his best season in 2025 in his first year in Pinstripes since his MVP year with the LA Dodgers in 2019. This past season, he blasted 29 homers with 98 RBIs with an .813 OPS.