8:51am: Jon Heyman of CBS Sports reports (via Twitter) that the Yankees would receive cash or a player to be named later in the deal that's being discussed.
Stewart, 32 in February, is a non-tender candidate after hitting .211/.293/.272 in a career-high 340 plate appearances with the Yankees in 2013. However, he's regarded as a superior defensive catcher to Michael McKenry, who is a non-tender candidate himself after missing the final two months of the 2013 campaign due to knee surgery.
Stewart projects to earn $1MM in arbitration, per MLBTR's Matt Swartz, while McKenry's projection sits at $900K. Either backstop will likely face competition in the form of Tony Sanchez, who offers more with the bat at a slightly lower price.
This post was originally published on Dec. 2, 2013.