Freddy Peralta is starting to emerge as a popular option for the Yankees this offseason, especially after their previous top target, Tatsuya Imai, was scooped up by the Astros. And why? Because, till now, New York’s only major league moves have basically been internal. This includes Trent Grisham accepting his $22 million qualifying offer. A decision that may make it harder for the team to bring back Cody Bellinger.

At the same time, the Yankees’ rotation is facing some real uncertainty, with both Gerrit Cole and Carlos Rodón expected to miss the start of the season. That’s where Peralta comes into the picture, as the latest arm reportedly on Brian Cashman’s radar. However, according to MLB insider Chris Kirschner, landing Peralta could come at a high cost, potentially pushing out two other Yankees pitchers in the process.

“They can trade either Luis Gil or Will Warren if they want a top-of-the-line upper-level minor leaguer. You have Elmer Rodriguez or Carlos Lagrange in the system. If the Brewers want young pitching in return for Peralta, the Yankees match up well, and they’re absolutely one of the few teams that can make a deal happen if the Brewers end up trading him,” Kirschner said via Fireside Yankees.

Well, Kirschner has a point. The Yankees are putting a lot of faith in a few big “ifs,” starting with whether Cole can return to peak form after Tommy John surgery. So, bringing in someone like Peralta would help steady the rotation and ease the pressure on younger arms like Will Warren and Cam Schlittler, or on Luis Gil, suddenly figuring out his command.

And the numbers back it up. Peralta went 17–6 with a 2.70 ERA in 2025. And guess what, his 3.47 xERA and 3.64 FIP suggest he was every bit as effective as the surface stats show. He’s a classic strikeout guy who leans heavily on his fastball, which can climb into the mid-90s.

So what would it take for the Yankees to get him to the Bronx?

Milwaukee is going to want pitching in return, likely starting with either Luis Gil or Will Warren. That decision probably hinges on whether the Brewers see Gil as a rotation piece or someone better suited for the bullpen. On top of that, they’d be asking for high-end pitching prospects. Chris Kirschner has mentioned fast risers like Elmer Rodriguez-Cruz and hard-throwing Carlos Lagrange, and Chase Hampton, who was piling up strikeouts before undergoing Tommy John surgery, could also be part of the conversation.

The Yankees might sacrifice bats, also

When you look at what the Brewers actually need, offering only pitching might not be enough for the Yankees to get a deal done for Peralta.

Well, Milwaukee is desperate for a middle-of-the-order bat. If you remember, they finished 22nd in home runs last season and badly need a dependable power hitter in the outfield to pair with Jackson Chourio.

That’s where Yankees prospect Spencer Jones comes into the conversation. The center fielder is 24 and just put together a breakout 2025 season, blasting 35 homers with 80 RBIs across two levels. He also hit a career-best .274, but there’s some fair skepticism there. Reportedly, in 2024, the most home runs he’d ever hit in a season were 17.

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So while Peralta could be a huge addition for the Yankees, they’ll have to tread carefully. Emptying the farm system, especially for a player whose value might spike right now, is a risky move they can’t afford to get wrong.