Left-handed pitcher Wei-Yin Chen is one of the prized pitchers in the free agent market this offseason. According to Jon Heyman of CBS Sports, Chen is looking for a big contract worth $85 million for five years.

According to a report by NJ Advance Media, the New York Yankees are in need of a left-handed starter to balance their rotation that only has CC Sabathia since Andy Pettite retired. The report also notes that the Yankees are unlikely to sign him because their 2016 payroll is already highest in the MLB at $183.8 million.

However, in a report two weeks ago by Mark Feinsand of the New York Daily News, he said that the Yankees were interested in adding a left-handed starter with success pitching in the American League. He also noted that the New York front office and management were thinking of making a serious offer for the 30-year-old Taiwanese.

He added that Sabathia, along with Nathan Eovaldi, Ivan Nova, Michael Pineda and Masahiro Tanaka, can become free agents at the end of the 2017 season. That would leave them with only Luis Severino and Adam Warren as starters that are under control past 2018.

Heyman, on the other hand, also said that the Baltimore Orioles are planning to re-sign him to a new contract even though Chen declined their $15.8 million qualifying offer. He signed with Baltimore last 2012 after playing eight seasons with the Chunichi Dragons of the Nippon Professional Baseball in Japan.

He posted an 11-8 record in 31 starts last season with a respectable 3.34 ERA, per Baseball Reference. Since coming to the U.S., Chen has a 46-32 record in the majors with a 3.72 ERA and has been described as having an effortless delivery with an above-average change-up and the ability to pitch inside.

ESPN analyzed the pros and cons of the Yankees signing Chen to a contract. The report said that the Yankees need Chen because Yankee Stadium is famous for being more favorable to left-handers than right-handers. He can also give depth to the Yankees' current rotation and the team will be adding a left-handed starter with a good record pitching in the AL East.

As for the cons, the ownership and general manager Brian Cashman are avoiding giving long-term contracts for starters aged 30 and above. It is also suggested that New York can clear up some of its payroll by trading reliever Andrew Miller and outfielder Brett Gardner for young players that can compensate the loss of the 22nd overall pick of next year's draft if they sign Chen to a contract.