8:00am: Jim Bowden of ESPN and MLB Network Radio tweets that the trade has officially been approved by MLB.
7:50am: The Yankees and Cubs are in agreement on a trade that will send Alfonso Sorianoback to the Bronx, pending approval from Major League Baseball commissioner Bud Selig, Bob Nightengale of USA Today reports. Nightengale adds that Soriano is expected to be in the Yankees' lineup tonight, and a club official told him that the Cubs will receive a Class-A pitching prospect in exchange. ESPN's Buster Olney reports (via Twitter) that the Yankees will pay $6.8MM of the roughly $24.5MM remaining on Soriano's contract -- $1.8MM in 2013 and $5MM in 2014. The Cubs will choose from a short list of pitching prospects that includes Corey Black, Tommy Kahnle and perhaps one other player, tweets Jon Heyman of CBS Sports. Joel Sherman of the New York Post adds (via Twitter) that the Cubs are leaning towards Black, confirming a reportfrom Chris Cotillo of MLBDailyDish.com.
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