Update 9:02 am ET: The Alfonso Soriano trade has been approved by MLB's commissioner's office, making the Yankees-Cubs swap of prospects, dollars, and Soriano official.
Alfonso Soriano is reportedly in New York and will be in the Yankees' lineup on Friday night, and with that, the only step left is for the commissioner to approve his trade from the Cubs, according to USA Today's Bob Nightengale.
Soriano had a full no-trade clause, but agreed to go to New York, the team he originally came up with that dealt him to the Rangers before the 2004 season. The trade requires MLB approval, as more than $1 million is being exchanged between the clubs. The specific player the Cubs will receive in return is not yet clear, but it is known that he will be a Single-A pitching prospect. Jon Heyman of CBS Sports believes two of the three are Tommy Kahnle and Corey Black. The Yankees, besides Soriano, will be receiving a significant chunk of money for their troubles, as the Cubs are expected to pay "the bulk" of his 2014 salary.
This will have luxury tax implications that allow the Yankees to spend more money in 2014 than they will be taxed for, much like with the Vernon Wells trade with the Angels. As the Cubs will be footing most of the bill, Soriano won't count against the Yankees' soft spending cap in the same way he would have for luxury tax purposes, making him far less expensive of a proposition than he otherwise would have been.
On the field, Soriano will be an improvement, as Yankees' left fielders have hit a combined .223/.268/.330 on the season, whereas Soriano is at an imperfect-but-superior .254/.287/.467.