The Yankees have agreed to a deal to bring back outfielder/first baseman Cody Bellinger, a source told MLB.com’s Mark Feinsand on Wednesday. The club has not confirmed.
ESPN’s Jeff Passan reported that the deal is for five years and $162.5 million and includes opt-outs after the second and third season. There is also a $20 million signing bonus and a full no-trade close.
Bellinger, 30, became a free agent after turning down his $20 million player option for 2026. The option, which came with a $5 million buyout, was part of the three-year, $80 million deal he signed with the Cubs after the 2023 campaign.
Traded to the Yankees in December 2024 as the Bronx Bombers looked to fill the void in their lineup following Juan Soto’s departure in free agency, Bellinger had a strong year in pinstripes — arguably his best since he won National League MVP honors with the Dodgers in ’19.
Bellinger finished 2025 with 4.9 WAR (per FanGraphs) over 152 games, living up to his reputation as a well-rounded contributor. The left-handed slugger produced 29 homers, 98 RBIs, 13 steals and an .813 OPS on offense and added +9 fielding run value, doing so while seeing time at all three outfield spots and first base. Bellinger was ineligible to receive a qualifying offer this offseason since he received one from the Cubs after the ’23 season. Thus, there is no Draft pick compensation attached to him, or penalty for signing him.
Last season was the latest chapter in a career that’s included some spectacular highs and frustrating lows. There was his early excellence with the Dodgers, which put him on par with some of the game’s top players. Within his first four years, Bellinger earned NL Rookie of the Year honors and an MVP, and also played in three World Series, winning a ring in 2020. But then came the struggles, with Bellinger ranking dead last in MLB (minimum 900 PAs) in OPS (.611) across 2021-22. The latter stretch led to the outfielder being non-tendered by Los Angeles.
Bellinger rejuvenated his career after signing a one-year, $17.5 million deal with the Cubs, recording an .881 OPS with 4.4 fWAR in 2023 before returning to free agency in search of a more lucrative deal. However, with the memory of his 2021-22 performance still fresh, Bellinger lingered on the free-agent market until late February and ended up returning to Chicago on the aforementioned three-year deal.
Bellinger had the opportunity to opt out of his contract last offseason, too, but after taking a step back in 2024 (.751 OPS), he decided against it. The Cubs went on to acquire All-Star right fielder Kyle Tucker from the Astros in December, and days later shipped Bellinger to the Yankees for pitcher Cody Poteet. He was much better in 2025, putting himself in position to opt out at the end of the year.
