11:27pm: Peter Abraham of the LoHud Journal reminds us that the Cubs released Gaudin in April, so they're on the hook for all but the pro-rated league minimum. Surely the Cubs wish they'd non-tendered Gaudin, but perhaps they needed the spring to decide. - Tim Dierkes
9:31: Kepner tweets that the "plan is for Gaudin to start off in the bullpen."
9:17: Joel Sherman of the New York Post tweets that the Yankees "owe roughly $650K to Gaudin the rest of the year."
9:07: Tyler Kepner of the New York Times is reporting on Twitter that the Yankees have acquired RHP Chad Gaudin from the Padres for a player to be named later.
Gaudin signed a minor league deal with the Padres in April. He is 4-10 this year with a 5.13 ERA, but he is averaging a strikeout per inning and his FIP is at 3.68.