According to Jon Heyman of CBS Sports, there's still "work to do," and Soriano, who has veto power, would need to approve the trade.
Ken Rosenthal of Fox Sports reports that a main point of contention springs from the Yankees' plans to be under the luxury tax threshold next year.
The biggest point of negotiation in the Soriano discussions likely will be the amount of money the Cubs include in the deal. Soriano is owed about $25 million through the end of next season. The Cubs are willing to pay a significant portion of that but want a solid prospect in return.
The Yankees are looking for an impact bat due to uncertainty elsewhere in their lineup. More from ESPN.com:
A major league source confirmed the Yankees are looking for hitting due to the uncertain status of Derek Jeter and Alex Rodriguez, who are on the disabled list with injuries. Rodriguez also faces a possible suspension tied to his alleged involvement with the Biogenesis clinic.
Soriano is .256 in 92 games with 17 home runs for the Cubs. One year remains on his eight year, $136 million contract.