If the official MLB Twitter feed is commenting on it, it's probably going to happen:
BREAKING: Yanks, Bucs agree to Burnett deal, source tells @MLBNetwork insider @Ken_Rosenthal. Trade needs MLB approval due to $ involved.
It should be a lot of $ involved, alright. Burnett is due $33 million over the next two years, and the Pirates have been reportedly interested in paying anywhere from $5 million to $12 million over those two years.
The trade will give the Pirates another experienced starter to put in a rotation that should feature Charlie Morton, James McDonald, and Erik Bedard. This move will either push Jeff Karstens or (All Star!) Kevin Correia out of the rotation.
The reports have the Yankees receiving two minor leaguers in the deal, though they're likely to be non-prospects who aren't part of the Pirates' long-term plans, such as they are. We already have reports that 2011 #1 pick Gerrit Cole is not -- repeat, is not -- part of the deal, so we can all stand down on that one.