UPDATE: 

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The New York Yankees traded for Aroldis Chapman back in December. Less than two months after that trade, the latest rumors find the two sides are now officially set for an arbitration hearing.

Jon Heyman is reporting the Yankees and Chapman are scheduled for that hearing on Feb. 19. There's still a good amount of time to work out a settlement, but at this point the gap in salary figures is large and it doesn't appear as if those discussions have progressed much.

This is expected to be the Yankees' first arbitration hearing with a player in eight years.

Chapman, 27, filed for a $13.1 million salary for next season after earning $8.05 million last year. He's in his third year of arbitration eligibility and is expected to be one of the highest-paid arbitration-eligible players this offseason. MLBTradeRumors.com projects the left-hander will make $12.9 million next season.

On the other hand, the Yankees filed for a $9 million salary for Chapman after acquiring him from the Cincinnati Reds. New York sent four prospects to Cincinnati in the deal and Chapman will begin the 2016 season as the team's closer, with fellow dominant relievers Andrew Miller and Dellin Betances right behind him. 

Chapman was the subject of trade rumors since before last year's trade deadline due to the Reds' struggles. Many figured they'd look to get as much value for the closer as they could, but Cincinnati ended up waiting too long to move him. The strategy proved to doom them as allegations of a domestic dispute arose against Chapman in late October.

The Dodgers agreed to a deal with the Reds involving Chapman in December, but it was called off once Los Angeles discovered the allegations.

However, shortly after the deal was called off, Miami police closed the domestic violence case involving Chapman and about a month later it was said no charges would be filed against the MLB veteran.

He's still subject to discipline from the MLB if the league were to uncover any evidence it feels is enough to warrant a suspension. It's possible the Yankees are hoping the league's looming decision could affect the outcome of the arbitration case, but it's hard to say if the panel will take that into consideration because if Chapman is suspended it will likely be without pay anyway. 

In the meantime, look for the two sides to possibly settle the salary dispute within the next week or so.

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