Yankees GM Jed Hoyer says it's still early in the process. The outfielder used to play for the Bronx team.
Earlier this week, the Cubs shipped pitcher Matt Garza to the Texas Rangers.
Soriano, 37, joined the Cubs before the 2007 season. He's a seven-time All-Star who has hit 20 or more home runs in 11 straight seasons (2002- '12), his MLB.com bio says. He and Andre Dawson are the only players to record 20-homer campaigns in each of their first six seasons as a Cub, MLB.com says.
He joined the Major Leagues as a Yankee in 1999 and remained there until 2003. He bounced from Texas to Washington before landing in Chicago.