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Cody Bellinger’s market is heating up, and the Cubs could explore a reunion.
The Chicago Cubs continue to look for an impact bat for their lineup. The latest report from the New York Post‘s Jon Heyman has the Cubs checking in on outfielder Cody Bellinger. Heyman also listed third baseman Alex Bregman and shortstop Bo Bichette as possible free-agent targets for the Cubs.
The Cubs should be familiar with Bellinger, who played for them in 2023-24. The two-time All-Star and 2019 National League MVP revived his career in Chicago in 2023. That year, he hit .307 with 26 home runs and a .881 OPS, as the club barely missed out on the postseason.
Bellinger re-signed with the Cubs following a cold winter. He ultimately settled for a three-year, $80 million deal, with opt-outs after each season. He took a step backward in 2024, slashing just .266/.325/.426 with 18 homers. After he opted into the second year of his contract, the Cubs moved him to the New York Yankees for Cody Poteet in a salary dump deal.
The Yankees were the beneficiaries of that deal. Bellinger posted his best season since his MVP campaign, hitting .272 with 29 home runs, an .813 OPS, and 5.1 bWAR. Looking to cash in on that performance, he opted out of the final year of the contract.
Should the Cubs Explore a Reunion with Cody Bellinger?
The Cubs made a splash the previous offseason, sending a massive haul to the Houston Astros for Kyle Tucker. With slim-to-none odds of bringing him back in free agency, they could pivot to Bellinger to replace Tucker’s left-handed bat. In that event, the Cubs would receive a pick at the end of the second round, projected to be around 77th-78th overall.
The Cubs’ interest in Bellinger is a bit strange, given that they’re familiar with his hot-and-cold track record. For a player who hasn’t put two great seasons together since 2019. Based on the wording of Heyman’s report, it seems the interest is preliminary rather than an offer.
It may be a case of Bellinger’s agent, Scott Boras, trying to leverage the Cubs to get a better offer from the Yankees. Heyman already reported that the Yankees have made an offer, but details on that offer haven’t been disclosed yet. His colleague at the New York Post, Joel Sherman, also added that the club has made a second offer to retain their left fielder.
The other teams linked to Bellinger include the Dodgers, Mets, and Giants. Those teams could become a larger threat to land the former Cub if he has to settle for a short-term deal. But that situation also gives Chicago a chance to swoop up Bellinger.
Can the Cubs Afford a Cody Bellinger Reunion?
It’s unclear how much of a budget the Cubs have, coming off a division series loss to the Milwaukee Brewers. Roster Resource currently lists Chicago’s 2026 payroll at $194 million and its Competitive Balance Tax number at $209 million.
Signing Bellinger would mean an increase in payroll from the $206 million spent in 2025. MLB Trade Rumors and the median crowd-sourced projection on FanGraphs’ Free Agent Tracker both predict the former Cub to get a five-year deal between $135 and $140 million. If they target him on a shorter-term deal, it could mean a higher yearly average but a lower total commitment.
That would push Chicago’s CBT number ($233-234 million) dangerously close to the $244 million threshold. The Cubs did not exceed the luxury tax threshold in 2025, which resets their penalties moving forward. First-time offenders would pay 20% on all overages.
Michael McDermott Michael McDermott is a writer at Heavy Sports covering the Arizona Diamondbacks and Major League Baseball. Michael has 10 years experience writing about the D-backs and their farm system for AZ Snake Pit, Burn City Sports, and Diamondbacks On SI. More about Michael McDermott
