The deal was being finalized Friday and would ship the veteran Soriano to the Bronx in exchange for an unnamed Class A pitching prospect, the report said.
USA Today said Chicago would pay the bulk of Soriano's $18 million salary in 2014, the final year of an eight-year contract worth $136 million. The Cubs have been on a salary-shedding tear in recent weeks and made deals that sent four other veterans to pennant contenders.
Soriano, 37, has displayed the power New York has been lacking of late. He has 10 home runs in his last 21 games and hit 36 in 2012. Baseball analysts predict Soriano will be a good fit with Yankee Stadium and will benefit from not having to play outfield as he did in the National League.
Soriano began his career with the Yankees in 1999. He was with them for five years before being traded to Texas in the 2004 New York deal for Rodriguez. He joined the Cubs in 2006.