It's hasn't officially been announced, and the particulars of the trade aren't known, but Paul Sullivan tweeted that Alfronso Soriano is on a red-eye flight to New York.
The belief is that the Cubs will pay half of the $25 million remaining on Soriano's contract, which runs through next season. While the Yankees will send a low-level prospect to Chicago.
As soon as we know for sure, we'll pass the information along to you.
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Sorry for the Capatcha... Blame the Russians :)