1:58 PM ET: The deal is complete, pending physicals and approval from the commissioner's office, according to Dejan Kovacevic of the Pittsburgh Tribune-Review. The Pirates will be paying $5 million in 2012 and $8 million in 2013 for Burnett's services, for a total commitment of $13 million, as Kovacevic adds.
1:45 PM ET: One of the young players reportedly being sent to New York in the deal is relief pitcher Diego Moreno, according to Joel Sherman of the New York Post. Moreno, 25, is armed with strong velocity, but he didn't reach Double-A until the end of last season and the lack of acceptable secondary pitches has long been a problem for him.
12:57 PM ET: The deal is done and waiting for MLB approval, according to Ken Rosenthal. The Yankees will pay $20 million and the Pirates will pay the remaining $13 million of Burnett's contract as well as sending two low-level minor league players back to the Yankees. Burnett will take a physical Sunday.
11:33 AM ET: Barring any unforeseen antics by supposed mystery teams, the New York Yankees A.J. Burnett trade to the Pittsburgh Pirates is all but a done deal. The two sides will be taking their proposed trade to Commissioner Bud Selig for approval some time later today, according to Buster Olney.
Adam Rubin of ESPN says the reason Selig needs to approve the deal is because of the money involved, which includes the Yankees paying at least $20 million of Burnett's remaining contract.
The exact parameters of the deal are not yet known, but the Pirates are said to be including two marginal prospects in exchange for Burnett:
Twitter / @Buster_ESPN: Sources: Yankees and Pirat ...
"Sources: Yankees and Pirates hope to take their proposed Burnett deal to the Commissioner later today, for approval."
Pittsburgh Pirates, New York Yankees on verge of completing trade, sources say - ESPN New York
"The approval is needed because of the money involved, as the Yankees will eat about $20 million of the $33 million still owed Burnett over the last two seasons of his contract, sources said."
- Yankees Rumors: A.J. Burnett Trade Almost Done, Raul Ibanez, Eric Chavez - MLB Daily Dish
A.J. Burnett trade rumors have been going on nonstop for the last week or so, in case you haven't noticed. In any event, Jon Heyman of CBS Sports tweets that the New York Yankees and Pittsburgh Pirates will complete the deal within a few days, "barring something unforeseen." The Pirates are set to take on $13M of the $33M owed to the right-hander, while the Yanks will get a couple non-roster minor-leaguers in return.
- New York Yankees Finalizing A.J. Burnett Deal? - MLB Daily Dish
It seems inevitable the New York Yankees will trade starting pitcher A.J. Burnett in the coming days, but according to Jim Bowden of ESPN, a deal should be finalized in the next 24 hours with the Pittsburgh Pirates. Bowden later tweeted that the Pirates are finishing up work on their end while the Yankees weigh one last proposal, perhaps from another team.