Chicago will send a four-player package to New York that includes top shortstop prospect Gleyber Torres, according to reports. The Yankees also will receive pitcher Adam Warren, minor league outfielder Billy McKinney and an unidentified fourth player, according to FanRag Sports and Stark.
As first reported by FanRag Sports, Yankees owner Hal Steinbrenner has approved the deal. Speculation circulated Monday that one reason why the teams have not announced the trade is because the Cubs are attempting to sign Chapman, a free agent after this season, to a long-term deal.
Chapman, 28, fills an immediate need in the Cubs' bullpen, as the team lacks a true left-handed, late-inning reliever with his kind of experience. Chapman is 3-0 with a 2.01 ERA and 20 saves for the Yankees after he served a 30-game suspension under MLB's domestic violence policy earlier this season.
Torres, a 19-year-old at Class A, will be the centerpiece going back to the Yankees. He is the Cubs' top-ranked prospect and No. 15 in baseball, according to ESPN baseball insider Keith Law. Torres, and was scratched about 20 minutes before first pitch Sunday afternoon.
Chicago originally acquired Warren in an earlier trade with the Yankees that sent Starlin Castro to New York.
McKinney, 21, is at Double-A. He was part of the 2014 trade that brought Addison Russell to Chicago from Oakland.
ESPN's Jesse Rogers contributed to this report.