UPDATE: 7/25/13 – 9:22 p.m. CDT
According to CBS Sports’ Jon Heyman, the Cubs will pay more than half of Soriano’s remaining salary.
It is unlikely that the deal will be approved until tomorrow morning by Major League Baseball.
UPDATE: 7/25/13 – 8:31 p.m. CDT
Bob Nightengale of USA Today reports that the Cubs and Yankees have agreed on the pitching prospect that will be sent to Chicago.
He also reports a deal is near complete, as was stated by Buster Olney earlier this evening.
UPDATE: 7/25/13 – 7:16 p.m. CDT
Buster Olney of ESPN reports that Chicago will receive a low-level pitching prospects in exchange for Soriano.
The Cubs will also absorb the majority of the remaining $26 million on the outfielder’s contract.
The only step still remaining in this process is the formal waiving of his no-trade clause.
The Alfonso Soriano era in Chicago is coming to a close.
For the history of these talks, which were first discussed and broken down here on Cubbies Crib over two weeks ago, check out the following links.
The possibility of Soriano going to New York was broken down in this post from earlier this month.