Baseball: 'A-Rod' headed to New York Yankees

The New York Yankees and Texas Rangers have agreed to a deal that will send superstar Alex Rodriguez to New York.

The Newsday newspaper reported on its website that the major league baseball teams had agreed "in principle" on the blockbuster deal, which would send "A-Rod" to the Yankees for Alfonso Soriano and a minor league player.

The trade would come less than two months after the Yankees' arch rival - the Boston Red Sox - failed to acquire Rodriguez.

Arguably the best player in baseball, Rodriguez is owed a guaranteed US$189 million ($273 million) over the next seven years.

The Yankees are the richest team in American sports and the acquisition would push their already astronomical payroll over US$200 million.