UPDATE: Both clubs have confirmed the trade.

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The New York Yankees had one of the best bullpens in the MLB last season and it's now perhaps the best in the league by far.

The latest rumors indicate the Yankees are acquiring Aroldis Chapman in a trade with the Cincinnati Reds.

Jack Curry of the YES Network was the first to report the deal and said New York will give up four minor league players in exchange for the left-hander. However, he noted none of those players were coveted prospects Gary Sanchez, Aaron Judge, Jorge Mateo or Greg Bird.

FOX Sports' Ken Rosenthal, Joel Sherman of the New York Post and Jon Heyman of CBS Sports confirmed the deal.

Bryan Hoch of MLB.com is reporting prospects Caleb Cotham (RHP), Rookie Davis (RHP), Eric Jagielo (INF) and Tony Renda (INF) are going to Cincinnati in the trade.

Chapman was almost sent to the Los Angeles Dodgers during the Winter Meetings, but it was discovered at that point the closer was under investigation for an alleged domestic violence incident back in October. That likely scared off the Dodgers because the MLB's new domestic violence policy subjects players to suspension before a player is disciplined by the law.

However, even after the trade fell through and Chapman's alleged run-in with the law was put in the spotlight, teams were not completely turned off by the idea of acquiring the flamethrower. Here's why:

"The [Reds] remain in contact with clubs about Chapman, believing a deal is possible even as the four-time All-Star faces possible suspension, according to major-league sources," Rosenthal wrote back in early December.

"One reason: A lengthy suspension could result in an extra year of team control over Chapman, who currently is on track to accrue the necessary six years of service by the end of the 2016 season."

If he doesn't accumulate the necessary service time, the Yankees could control the left-hander for the next two seasons. Rosenthal notes Chapman needs to be on an MLB roster or disabled list for at least 138 days to hit free agency after 2016. If he accrues less than that, the Yankees will have him through 2017, so general manager Brian Cashman certainly had that in mind when he was looking to acquire Chapman. 

Additionally, Sherman notes the Yankees could not figure out a way to acquire a young starter, which was one of Cashman's goals heading into the offseason. The price for such an asset has increased beyond reason, so bringing Chapman aboard will help shorten games for the Bronx Bombers and put less stress on their already fragile rotation.

The trio of Chapman, Andrew Miller and Dellin Betances - three relievers with capabilities to close - should be the most feared trio in the MLB.

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