The Chicago Cubs are once again in the mix for Cody Bellinger, according to reports, adding another layer of intrigue to the star outfielder’s free agency. The former National League MVP’s market now includes a wide range of potential suitors, signaling a potentially competitive bidding war this offseason.
Cubs Re-Enter the Fray for Bellinger
Chicago’s interest comes as the Yankees are reportedly intensifying their pursuit of the outfielder.
- The Cubs “checked in” on Bellinger, a player they know well after he spent the 2023-24 seasons with the team.
- New York has reportedly made two contract offers to Bellinger late in December.
- Chicago’s potential pursuit could be tied to their interest in Marlins pitcher Edward Cabrera.
- Re-acquiring Bellinger would fill a hole in right field created by Kyle Tucker’s expected departure.
- Bellinger is projected to command a five-year, $140 million contract.
The New York Post’s Jon Heyman reported Thursday that the Cubs have expressed interest in bringing back Bellinger. This development means Bellinger’s list of potential teams now includes all three of his former clubs – the Yankees, Cubs, and Dodgers – along with the Giants, Mets, Angels, Blue Jays, and Phillies, who have also shown interest at various points this offseason.
What is the projected contract value for Cody Bellinger this offseason? MLB Trade Rumors projects Bellinger will land a five-year, $140 million contract, ranking him eighth among the top 50 free agents.
It remains unclear if the Cubs’ interest is more than due diligence, but Chicago has been active in exploring other high-profile position players this offseason, including Bo Bichette, Alex Bregman, Eugene Suarez, Pete Alonso, and Kazuma Okamoto, as well as several starting pitchers. The Cubs reached the playoffs in 2025 but are expected to lose Kyle Tucker in free agency, creating a need in the outfield.
Bringing Bellinger back to Wrigleyville would represent a significant pivot, considering the Cubs traded him to the Yankees just over a year ago. Bellinger initially signed a three-year, $80 million deal with Chicago that included two opt-out clauses. He exercised his first opt-out following the 2024 season, leaving the Cubs responsible for $52.5 million over the remaining two years.
The Cubs largely alleviated that financial burden by sending Bellinger and $5 million to New York in exchange for right-hander Cody Poteet, who was subsequently designated for assignment and traded to the Orioles. The move was essentially a salary dump for Chicago, with the funds partially reinvested in acquiring Tucker from the Astros.
Re-acquiring Bellinger would be a logical fit, allowing him to slot directly into right field as Tucker’s replacement, with Seiya Suzuki remaining as the primary designated hitter. However, it could create a logjam with top prospects Moises Ballesteros, Owen Caisson, and Kevin Alcantara all vying for playing time. With Suzuki and Happ potentially becoming free agents after the 2026 season, the Cubs could pursue an “all-in” approach with their veteran core in 2026 before giving younger players more opportunities in 2027.
The Cubs have shown a willingness to offer significant contracts and extensions to players like Suzuki, Happ, and Jameson Taillon, but a $140 million deal for Bellinger might be a stretch given their recent spending habits. However, considering they previously committed $80 million to Bellinger despite two injury-plagued seasons with the Dodgers, investing a similar amount in a player coming off three solid years at age 30 seems reasonable.
The Yankees, meanwhile, appear to be the frontrunners, with reports indicating they’ve made two formal contract offers to Bellinger in late December. This increased pace of negotiations suggests the two sides may be nearing an agreement. The Yankees’ pursuit is complicated by a potential interest in Marlins pitcher Edward Cabrera, and some speculate that re-signing Bellinger could facilitate a trade for Cabrera, potentially involving prospects Jasson Dominguez or Spencer Jones.
If Bellinger were to return to the Yankees, it would create a crowded roster, with Aaron Judge in right field, Ben Rice at first base, Giancarlo Stanton at designated hitter, and Trent Grisham returning in center field. This would likely leave left field as Bellinger’s primary position, potentially limiting playing time for Dominguez and delaying the MLB debut of top prospect Spencer Jones.
