The Milwaukee Brewers are “moving toward a deal” that would send starting pitcher Freddy Peralta out of town for the final year of his team-friendly contract, according to a source familiar with the team’s talks. Multiple teams remain involved, but the Yankees have emerged as the most likely fit, with 2024 American League Rookie of the Year Luis Gil as the headliner in that potential package. Gil is just two years younger than Peralta and only comes with three years of team control, but he and the Yankees agreed on a one-year deal worth $2.1625 million for 2026 last week, so he would give the team both extra control years and some cost savings.

That Gil is at the center of the discussions between Milwaukee and New York indicates what the Brewers are prioritizing as they entertain offers for their erstwhile ace. In talks with the Diamondbacks, they have discussed starter Ryne Nelson, who also comes with three years of control and modest cost savings, a source said. Emmet Sheehan, Gavin Stone and Justin Wrobleski were discussed when the Dodgers checked in on Peralta. In short, if Milwaukee is to move Peralta coming off his strongest overall season in the majors, they’ll require that the package include a player (ideally another starter) whom they can keep around for at least three years and who makes up some of the short-term value they will lose by dealing him.

Any trade would also include a high-caliber prospect and/or a valuable draft pick. Both the Diamondbacks and the Orioles have picks in Competitive Balance Round A this July, and the Brewers have discussed packages that would involve them receiving that pick from either team. Unsurprisingly, Milwaukee asked about infielder Jordan Lawlar, still struggling to establish himself in Arizona but with abundant talent and time on his side. 

Milwaukee’s willingness to trade Peralta is not news, but they have gotten materially closer to doing so over the past two weeks, according to sources familiar with their plans. As uncertainty about any broadcasting revenue for 2026 increases, the chances that the team will trade Peralta have ticked up, too. By getting back a player like Gil or Nelson, they would save at least $5 million while backfilling the spot in their projected rotation vacated by Peralta. Therefore, they would be able to turn around and sign another player to round out their roster in the endgame of the offseason (perhaps as late as mid-February) without pushing their projected payroll beyond its current range of $115 million. 

Typically, teams do best in trades like this when they focus solely on maximizing overall value. The Brewers have experience, however, in striking the right balance between filling needs and accumulating talent. With a Peralta trade, they’ve made clear to the many suitors (Atlanta, Baltimore, Boston, both New York teams, the Giants, the Padres, the Dodgers, the Diamondbacks and the Astros have all shown interest at different points this winter) that a return must take the right shape. If their price isn’t met, they’ll retain Peralta, and make do with whatever else they can afford to supplement the three-time defending NL Central champions. It looks more likely, though, that one of the final few interested parties will give them what they’re looking for.