The New York Yankees have acquired first baseman/outfielder Cody Bellinger from the Chicago Cubs, per ESPN's Jeff Passan, who provided more details.

Jack Curry of YES Network added that the Cubs are throwing in $5 million.

Passan provided more notes on that $5 million.

Bellinger is set to earn $27.5 million in 2025, but he has an opt-out after next season. If he picks up his 2026 option, then he'll earn $25 million in 2026.

Prior to the Bellinger move, Cot's Contracts listed the Yankees with a projected 40-man year-end labor relations payroll of $240,318,047 and a projected 40-man competitive balance payroll of $260,615,667.

With the Bellinger move, the Yankees' pre-luxury tax payroll should be around $265.3 million in 2025, although that's before New York makes any other moves.

Of note, the team should still be in the market for corner infielders. It's unclear what the luxury-tax payroll will be, but the Yankees are going to be subject to a 50 percent tax rate on all overages above $241 million for the 2025 season.

In addition, there's also surcharge thresholds for teams that are $20 million or above the luxury-tax threshold, starting with 12 percent ($20 million to $40 million).

So the luxury-tax payroll is very much so in flux, but the Yankees are going to be opening their wallets there.

Per Bob Nightengale of USA Today, Bellinger will be playing center field for the Yankees, moving American League MVP Aaron Judge to right field.

Here's how the Yankees' lineup could look post-Bellinger, with a hat tip to FanGraphs' Roster Resource. Note, again, that they should still be in the market for first and third basemen and that this is subject to change.

Yankees Starting Lineup

1. SS Anthony Volpe

2. 2B Jazz Chisholm

3. RF Aaron Judge

4. CF Cody Bellinger

5. DH Giancarlo Stanton

6. C Austin Wells

7. LF Jasson Dominguez

8. 1B Ben Rice

9. 3B Oswaldo Cabrera

Bellinger, 29, is a two-time All-Star who hit .266 (.751 OPS) with 18 home runs and 78 RBI for the Cubs last season. The 2019 NL MVP and two-time Silver Slugger is entering his ninth MLB campaign and now joins a team his father, Clay, played for from 1999-2001.