Cody Bellinger Rumors: Yankees, Cubs, Giants Favorites for Star in MLB Free Agency

Cody Bellinger declining his 2024 mutual option with the Cubs doesn't rule out him playing in Chicago next season.

The Cubs are one of three favorites to sign the NL Silver Slugger-winning utility player in free agency, according to USA Today's Bob Nightengale.

The New York Yankees and San Francisco Giants are also in the running for Bellinger, per Nightengale.

Bellinger slashed .307/.356/.525 with 97 RBI and 26 home runs for the Cubs last season, his best totals in every category since his All-Star 2019 campaign with the Los Angeles Dodgers.

Now the center fielder and first baseman will be looking to cash in on 2023 with a contract larger than his $12 million Cubs option. Spotrac projects Bellinger's market value at $22.5 million per season.

The New York Post's Jon Heyman also named the Yankees, Giants and Cubs as leading bidders for Bellinger earlier this week.

Each team has reason to shell out big money for a hitter who recorded a .881 OPS through 130 games in what looked like a bounce-back campaign from inconsistent stretches that left former MVP Bellinger non-tendered by the Dodgers in 2022.

The Yankees and Giants were two of the most ineffective teams at the plate in 2023, with their team batting averages higher only than the nosediving Oakland Athletics. After batting a collective .227 in 2023, the Yankees are "investigating the top of the hitting market" this offseason, according to Heyman.

Both clubs are also reportedly interested in free agent Shohei Ohtani, so their interest in Bellinger could depend on how close they are to snagging the Los Angeles Angels' two-way star.

The Cubs, meanwhile, want Bellinger back after his bounce-back campaign helped the club reach the right side of .500 for the first time since 2020.

One point potentially in the Cubs' favor is that the team on Monday extended Bellinger a qualifying offer, meaning any other club singing him will forfeit a draft pick to Chicago.

There is also always the possibility another team could enter the bidding race. After the Dodgers declined holding onto Bellinger through arbitration last winter, he reportedly received interest from the Colorado Rockies and Toronto Blue Jays as well as the Giants and Yankees. Heyman noted Tuesday that there are "many, many teams in on" Bellinger.