The newspapers, citing unnamed sources, said the 33-year-old infielder has inked a $12 million deal for next season, pending a physical, to fill in for the injured Alex Rodriguez at third base.
Youkilis hit a career-low .235 with 19 home runs, 15 doubles and 60 RBI over 122 games split between the Red Sox and Chicago White Sox last season.
The veteran was dealt to Chicago June 24 for Brent Lillibridge and Zach Stewart after a personality clash with Red Sox manager Bobby Valentine.
He has racked up a .283 career batting average 148 home runs, 247 doubles and 610 RBI runs in 1,033 games over nine seasons, mostly with the Red Sox, for whom he was a fan favorite -- especially when playing against the rival Yankees.
Rodriguez, idled with a hip injury, isn't expected back in the New York lineup until well into the 2013 season.