Deals for baseball’s top free agents have been slow to materialize this offseason, but baseball’s annual Winter Meetings have a way of igniting the Hot Stove.
As this year’s Winter Meetings get underway in Orlando, we’re here to help you get caught up on the state of the free-agent market, from the biggest signings so far …
… to the latest buzz surrounding the notable stars who remain unsigned.
The Blue Jays’ big spending in the pitching market hasn’t taken them out of the mix for Tucker, the consensus No. 1 free agent on the board. In fact, a source told MLB.com that Tucker was at the Blue Jays’ complex in Florida on Wednesday. Two other AL East teams — the Yankees and Orioles — were also connected to Tucker in November. Tucker spent 2025 with the Cubs, but they aren’t expected to pursue a reunion. The Athletic reports that Chicago is “preparing for [his] exit as a free agent,” knowing it has rookies Owen Cassie and Moisés Ballesteros ready to contribute at the big league level.
The Cubs, who reportedly made a four-year offer to Bregman last offseason before he signed with the Red Sox, are showing “renewed interest” in the third baseman, per The Athletic. Chicago’s biggest priority is bolstering its pitching staff, but the team hasn’t ruled out adding a big name to its position player group, even if Tucker isn’t part of its plans. Meanwhile, Boston hasn’t ruled out re-signing Bregman. The Red Sox have been linked to several other elite hitters in free agency, but Heyman still views Bregman as the “most likely fit.”
Schwarber’s market is as hot as any big-name free agent’s right now. The Phillies want him back, but the two sides weren’t close to a deal as of Nov. 25, leaving the door open for another team to swoop in. Could that be the rival Mets? They’re reportedly in the mix, as are the Red Sox, Orioles and Giants. The Reds also have been linked to Schwarber in recent days, and multiple sources confirmed to MLB.com that they are indeed in pursuit of the veteran slugger, who hails from nearby Middletown, Ohio, and grew up going to Great American Ball Park.
MLB Network insider Jon Paul Morosi said during Wednesday’s edition of Hot Stove that multiple big-market teams were in pursuit of Bellinger. That includes the incumbent Yankees, the Mets and potentially the Phillies and World Series champion Dodgers as well. Re-signing Bellinger is believed to be one of the Yankees’ top priorities this winter, though it remains to be seen whether they are willing to get into a bidding war for the 30-year-old outfielder after Trent Grisham accepted their one-year, $22.025 million qualifying offer.
The two teams most commonly linked to Alonso so far this offseason have been the Red Sox and the only franchise he has known as a pro, the Mets. Heyman reported last month that Alonso and the Mets have had discussions about a new contract, but nothing has emerged from those talks as of yet. Boston’s interest in Alonso might depend on whether it can re-sign Bregman. If not, Morosi thinks the Red Sox will start an “all-out pursuit” of Alonso. And in terms of fit, Alonso appears to be the best option for Boston, which wants to bulk up its offense.
Murakami was posted for MLB clubs last month and has until 5 p.m. ET on Dec. 22 to agree to a contract with a team. If he doesn’t, he will return to the Tokyo Yakult Swallows of Nippon Professional Baseball. But the odds of that happening are slim since the 25-year-old corner infielder possesses elite power from the left side of the plate. In 2022, he launched 56 homers and won a Triple Crown. This past season, injuries limited Murakami to only 56 games, but he still belted 22 home runs and produced a 1.043 OPS. There haven’t been a ton of concrete reports of who is pursuing Muramaki, but the Yankees, Mets, Phillies and Red Sox are among the clubs expected to have interest.
King’s market has heated up over the past week or so, with clubs such as the Tigers, Mets, Yankees, Orioles, Angels, Padres, Marlins and Red Sox reported to have some level of interest. Most of those teams are likely to remain in contention, though the Red Sox may have fully addressed their rotation needs in trades for Sonny Gray and Johan Oviedo. Any team courting King will surely seek assurances about his health, as the 30-year-old right-hander missed three months with a non-structural shoulder injury in 2025 and allowed 12 runs in the first 10 innings upon his return. King turned in two scoreless appearances in late September and struck out the side in one postseason inning.
MLB.com reporter Mark Feinsand has said that while the Phillies remain in the mix to bring back Suárez, multiple other clubs are hot on his trail. Those include the Cubs, Astros and Orioles, with the latter two perhaps more zeroed in on the 30-year-old left-hander. With so many teams in pursuit, it’s possible that Suárez could become the next big-name pitcher off the board, as reported this week by ESPN’s Jeff Passan. Feinsand reports that while the Phillies are keeping Suárez on their radar, the emergence of top prospect Andrew Painter and other club priorities might signal that Suárez will sign elsewhere.
Imai is the latest star hurler from Japan to be posted by his Nippon Professional Baseball club for a chance to pitch in the Major Leagues. With a profile similar to that of Mets right-hander Kodai Senga and characteristics similar to many notable Major Leaguers, the 27-year-old has a fastball that touches 99 mph to go along with a slider, changeup and splitter. He posted a 1.92 ERA with 178 strikeouts in 163 2/3 innings for NPB’s Saitama Seibu Lions in 2025. Teams that are rumored to be interested in signing Imai include the Blue Jays, who have long sought a Japanese star, as well as the Cubs, Mets and Orioles.
Valdez is one of the top starting pitchers available on the free-agent market. Thanks to his excellent track record and high ground-ball rate, the left-hander will be a prized catch for whichever club signs him (the controversy he generated late last season notwithstanding). There is a long list of teams that could use his services and have the wherewithal to land him. The list includes the Orioles, Mets, Red Sox, Cubs, Giants and incumbent Astros. He did decline Houston’s qualifying offer, so the team that signs him will have to part with a compensatory Draft pick.
