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The Chicago Cubs are hoping to sign starting pitcher Jake Arrieta to a long-term deal before he hits free agency. 

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With the Boston Red Sox making improvements to their starting rotation, the team has reportedly expressed some interest in dealing veteran Clay Buchholz.

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A pair of high-profile free agents—Aroldis Chapman (New York Yankees) and Ian Desmond (Colorado Rockies)—both came off the market Wednesday, but Chicago was once again the center of the baseball universe, as both the Cubs and White Sox pulled off notable trades on Day 3 of baseball's winter meetings.

The New York Yankees took a big step toward returning to contention once again by adding Aroldis Chapman.

Ken Rosenthal of Fox Sports reported the Bronx Bombers inked him to a five-year deal worth $86 million Wednesday. Jon Heyman of FanRag Sports confirmed the news.

The Seattle Mariners reportedly added some pitching depth Wednesday.

According to Jon Morosi of MLB Network, the San Francisco Giants traded right-handed pitcher Chris Heston to Seattle. Chris Cotillo of SB Nation confirmed the trade through a source but added the return package was unknown.

The Chicago White Sox weren't done dealing when they announced they traded pitcher Chris Sale to the Boston Red Sox on Tuesday.

On Wednesday, Ken Rosenthal of Fox Sports reported Chicago sent outfielder Adam Eaton to the Washington Nationals in exchange for pitchers Lucas Giolito, Dane Dunning and Reynaldo Lopez.

San Francisco Giants relief pitcher Chris Heston has reportedly been traded to the Seattle Mariners after falling out of favor in the Bay Area.

Veteran catcher A.J. Ellis is off to Florida as he signed a one-year, $2.5 million contract with the Miami Marlins on Wednesday, according to ESPN's Buster Olney.   

The Chicago White Sox are continuing a fire sale on their key players, including outfielder Adam Eaton, who is on the move to the nation's capital.

The White Sox announced they traded Eaton for pitchers Lucas Giolito, Reynaldo Lopez and Dane Dunning from the Washington Nationals.

The Chicago Cubs traded outfielder Jorge Soler to the Kansas City Royals in exchange for closer Wade Davis on Wednesday.

Bob Nightengale of USA Today and Jon Heyman of FanRag Sports reported the deal was done.