Sources told MLB Network on Saturday that the Reds and Yankees are finalizing a trade that would send Reds prospect Shed Long and a draft pick to the Yankees in exchange for the 2015 All-Star arm.
Gray, 29, posted a 4.90 ERA and an 11-9 record in 30 games last season for the Yankees. The six-year veteran owns a career 3.66 ERA and a 59-52 record during his Major League Baseball tenure. Gray was 14-7 with a 2.73 ERA and had an American League-high two shutouts during his 2015 campaign with the Oakland Athletics.
He joined the Yankees in 2017 as part of a four-player swap with the Athletics.
Gray is due $7.5 million in 2019 and hits free agency next offseason. Long, 23, is the Reds' No. 7 prospect, according to MLB Pipeline. The second baseman hit .261 with 12 home runs and 56 RBIs in 126 games last season at the Double-A level. Long was a 12th round pick by the Reds in the 2013 MLB June Amateur Draft.
The young infielder hit .281 with 16 homers and 50 RBIs in 104 games during the 2017 season between Advanced-A and Double-A ball.
Neither club has commented on the swap, which is pending a physical if completed.
Adding Gray gives the Reds better depth in the middle of their 2019 rotation. Cincinnati also traded for former Washington Nationals pitcher Tanner Roark and Los Angeles Dodgers starter Alex Wood this offseason.
Gray would also be due for a reunion with former Vanderbilt pitching coach Derek Johnson. Johnson now serves as the Reds pitching coach after working in the same role in 2018 for the Milwaukee Brewers.
Cincinnati's starting pitchers posted a 5.02 ERA in 2018, the sixth-worst mark in baseball and second-worst in the National League.