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.

Alfonso Soriano went 2-for-3 with two home runs in the Cubs' 7-2 win over the Angels on Tuesday.

Both homers were solo shots, giving him 15 on the season to go with 47 RBI. The outfielder, who may be on the move in the coming weeks, is now batting .266/.294/.480 through 83 games.

Alfonso Soriano went 3-for-4 with a homer, a double, two steals and four runs scored in the Cubs' 8-2 win over the White Sox on Monday.

For one day, anyway, it was a flashback to Soriano's great years as a leadoff man. The steals were his ninth and 10th of the year, giving him double figures for the first time since 2008. It was his third career game with four runs scored, the other two coming in 2006 and '08. In fact, he had scored three runs just once since 2008.

Alfonso Soriano slugged a pair of two-run homers Saturday in the Cubs' 4-1 win over the Pirates.

Soriano homered in back-to-back innings (the fourth and fifth) and helped starter Edwin Jackson earn his fifth victory of 2013. The veteran outfielder still has a weak .256 batting average and .282 on-base percentage on the year, but his remaining power potential might entice a contending team to execute a trade for him later this month.

Alfonso Soriano hit a three-run homer Tuesday in the loss to the A's.

With three homers, three doubles and eight RBI in four games, it looks like Soriano has finally caught fire. It'd be worth picking him up in any mixed leagues in which he's available.

Alfonso Soriano finished 3-for-5 with a homer and three RBI in Saturday's 5-3 defeat of the Mariners.

Soriano started his night with a flyout and a groundout, but he hit an RBI single in the sixth inning, a double in the ninth inning and a two-run go-ahead homer in the top of the 11th. If the veteran outfielder can stay hot through late July, the Cubs will have a much better shot of finding a team to take on his contract.

Alfonso Soriano is not in the Cubs' starting lineup on Thursday afternoon against the Brewers.

That's now back-to-back games off for the struggling outfielder. Soriano is batting .191 with a .521 OPS and 27 strikeouts in 92 plate appearances this month.

Alfonso Soriano is not in Wednesday's lineup against the Brewers.

He's just getting a day off. Brian Bogusevic will start in left field.

Alfonso Soriano went 0-for-4 and committed his fifth error in left field Monday against the Cardinals.

And this from a guy who said Carlos Marmol used to be good. Soriano is batting .253 and is on pace to finish with 17 homers, 69 RBI and a 138/21 K/BB ratio.

Alfonso Soriano was responsible for all of the Cubs' offense in Saturday's loss to the Pirates, smashing a two-run homer in the ninth inning to spoil A.J. Burnett's shutout bid.

It was the only hit in four trips to the plate on the afternoon for Soriano. The 37-year-old outfielder is having another solid season offensively, hitting .270/.305/.439 with seven homers, 26 RBI and has even chipped in seven stolen bases.

Alfonso Soriano singled and ripped a two-run homer in Sunday's win over the Reds.

The Cubs hung a three-spot on Logan Ondrusek in the eighth inning, with Soriano's two-out, two-run blast being the big blow. It was Soriano's first home run in his last 10 games, but it was around this time last year that he got hot, so perhaps it's the beginning of a nice run for him.