Four days after the team acquired National League MVP Giancarlo Stanton, Jon Heyman of FanRag Sports reported on Friday that the Yankees and Pittsburgh Pirates are having trade talks about Cole and that outfielder Clint Frazier is "likely" to be part of a potential deal.
Cole's name came up in trade rumors during the 2017 season. In May, Heyman wrote that rival teams believed the Pirates could make him available, and he listed the Yankees as a possible suitor because they have "always loved him."
New York does have history with Cole. In 2008, the team drafted the Californian out of high school with the 28th overall pick, but he opted to play at UCLA.
Pittsburgh selected Cole with the No. 1 overall pick in 2011. The 27-year-old has a 3.50 ERA with 734 strikeouts in 782.1 innings over the past five seasons and was a National League All-Star in 2015.
He is under team control for two more years before being eligible for free agency after the 2019 season.