Cody Bellinger, the free-agent outfielder, remains one of the most closely watched names on the 2026 MLB market, and the New York Yankees have expressed interest in a reunion. However, the success of such a reunion will largely hinge on the financial terms of his next contract.

Bellinger had a productive 2025 season, batting .272 with 160 hits, 29 home runs, 98 RBIs, and 89 runs scored over 152 games, according to StatMuse. These numbers demonstrate his consistent ability to contribute across multiple offensive categories in a demanding league.

It’s no surprise that a veteran of Bellinger’s caliber would seek a lucrative, long-term deal. Having performed well in tough environments like New York, and previously with the Los Angeles Dodgers, he is in a strong position to command significant interest from multiple teams.

On January 9, MLB insider Ken Rosenthal provided an update on Bellinger’s negotiations while appearing on “Foul Territory.” Rosenthal noted that the Yankees have expressed caution regarding Bellinger’s contract expectations, especially given the potential for self-competition in bidding against other interested teams, such as the Mets.

“I’m sure [the Yankees] have some concerns about bidding against themselves, but the Mets have been reported to be on Bellinger as well,” Rosenthal said. “Good players always have teams interested, even when reports suggest the market is thin. A $30 million AAV over five years would rank as the fourth-highest contract for an outfielder.”

Rosenthal emphasized that Bellinger’s camp, led by agent Scott Boras, is likely seeking greater contract length to match or exceed deals given to players like Pete Alonso and Kyle Schwarber. From their perspective, Bellinger’s age and production merit a comparable long-term commitment.

“The question is, at what level are they interested in?” Rosenthal added. “Cody Bellinger at $30-plus million per year for five years would be a strong deal for someone who hasn’t yet secured a long-term contract. He’s younger than Alonso and Schwarber, so from his perspective, why shouldn’t he get comparable terms?”

Meanwhile, the New York Mets have reportedly monitored Bellinger’s market closely. According to The Athletic’s Will Sammon on January 5, the Mets may enter negotiations if the current market does not meet Bellinger’s expectations. They have the resources to make a high-AAV offer, even if the contract term is shorter than Bellinger prefers.

Sammon noted that the Mets could leverage owner Steve Cohen’s financial flexibility to craft a competitive offer: “They could swoop in with a shorter deal but maintain a high annual average value. That structure can be appealing to players who want both security and high yearly compensation.”

The dynamic between contract length and AAV is central to Bellinger’s negotiations. While he desires long-term security, teams like the Yankees and Mets are weighing risk, age, and injury history in structuring deals. The balance between these factors will determine whether Bellinger remains in New York.

From the Yankees’ perspective, bringing Bellinger back would offer both offensive firepower and veteran leadership. His ability to hit for power, drive in runs, and play solid defense adds depth to a lineup that consistently contends for the American League pennant.

However, financial prudence is a concern. While the Yankees have considerable payroll flexibility, committing $30 million per season over five years represents a substantial investment, especially when considering potential free-agent acquisitions in pitching or other areas.

Bellinger’s appeal is clear: he is a proven contributor capable of impacting games in multiple ways. His combination of power, contact hitting, and run production makes him a rare asset, particularly for teams looking to maintain a balanced offensive approach.

For the Mets, acquiring Bellinger would fit into a strategy of adding experienced hitters around stars like Juan Soto. While shorter-term deals may limit contract risk, high annual compensation would ensure that Bellinger is motivated to perform immediately, contributing to a postseason push.

The negotiation also highlights broader trends in MLB free agency. Players of Bellinger’s caliber, especially those entering free agency after consistent production, often seek multi-year security while teams attempt to manage long-term payroll risk. The resulting tension frequently defines offseason headlines.

Ultimately, Cody Bellinger’s next destination will depend on the alignment between his contract expectations and what the Yankees, Mets, or other interested teams are willing to offer. A reunion in the Bronx remains possible, but only if terms meet both financial and strategic criteria.

The stakes are high. A deal for Bellinger could solidify a lineup capable of contending for a World Series, while failing to sign him might push the Yankees to explore alternatives in free agency or trade markets. Either scenario will shape New York’s approach for the 2026 season.

In conclusion, Cody Bellinger remains one of the most compelling free agents on the market. His combination of offensive production, veteran experience, and potential for long-term impact makes him a priority target for the Yankees, while also attracting interest from the Mets. The coming weeks will determine whether a reunion in New York is possible—or if Bellinger’s talents find a new home elsewhere.