Per Ken Rosenthal of the Athletic, talks between the Yankees and Pirates have "cooled" since their discussions at the winter meetings last week.
George A. King III of the New York Post reported on Thursday that the Yankees and Pirates were discussing a deal that would send Cole to New York and Clint Frazier leading a package going back to Pittsburgh.
Per Jon Heyman of FanRag Sports, the Pirates have been pushing for the Yankees to include top prospect Gleyber Torres in a deal for Cole.
After finishing 75-87 last season, the Pirates could be looking to get a jump on rebuilding their roster to avoid a long fallow period. Cole has two years of control remaining before becoming a free agent after the 2019 season.
The Yankees are going all-in to maximize their immediate and future potential after reaching Game 7 of the ALCS in 2017. They've already acquired Giancarlo Stanton from the Miami Marlins this offseason.
Cole has some history with the Yankees, who drafted the right-hander out of high school with the 28th overall pick in 2008. He opted to attend college at UCLA for three years before becoming the No. 1 overall pick by the Pirates in 2011.