The deal is still pending final approval from the 28-year-old Stanton under the terms of his no-trade clause.
The Yankees and Marlins are negotiating the final terms of the deal, according to ESPN. The trade approval is expected to be a formality, USA Today reported.
Talks between the Yankees and Marlins picked up Friday after two more teams dropped out of the running for the superstar. New York and Miami re-engaged in talks earlier in the week, according to ESPN.
The Cardinals and Giants both targeted Stanton from the time that new Marlins ownership -- led by former Yankees great Derek Jeter -- made it known they wanted to move Stanton to help slash payroll. There is a guaranteed $295 million over the next 10 years remaining on Stanton's contract.
The interest from the Yankees is a bit of a surprise since owner Hal Steinbrenner has publicly declared his team's payroll will remain below the $197 million luxury tax.
Stanton led the majors during the 2017 season in home runs (59), RBIs (132), extra-base hits (91) and slugging percentage (.631). In his eight seasons with the Marlins, Stanton is a .268 hitter with 267 homers and 672 RBIs.
The Yankees had a busy week starting on Monday with the hiring of Aaron Boone as the 33rd manager in franchise history.
Stanton will be joining another slugger on the Yankees -- American League Rookie of the Year Aaron Judge, who hit 52 home runs this past season.