8:00am: Jim Bowden of ESPN and MLB Network Radio tweets that the trade has officially been approved by MLB. — MLBTR
And the details:
ESPN's Buster Olney reports (via Twitter) that the Yankees will pay $6.8MM of the roughly $24.5MM remaining on Alfonso Soriano's contract — $1.8MM in 2013 and $5MM in 2014. The Cubs will choose from a short list of pitching prospects that includes Corey Black, Tommy Kahnle and perhaps one other player, tweets Jon Heyman of CBS Sports. Joel Sherman of the New York Post adds (via Twitter) that the Cubs are leaning towards Black, confirming a report from Chris Cotillo of MLBDailyDish.com.