Cody Bellinger is returning to the New York Yankees after all.

The 30-year-old Bellinger has agreed to rejoin the Bronx Bombers on a five-year, $162.5 million contract, as first reported by ESPN’s Jeff Passan on Wednesday. After negotiations were at a standstill for several weeks, both sides successfully bridged the gap to ensure the first baseman/outfielder’s return to New York.

Passan also reports that Bellinger’s deal will include opt-outs following the second and third seasons — with a provision that’ll push both clauses back by a year if a CBA-related lockout wipes out the 2027 season — as well as a $20 million signing bonus and a full no-trade clause.

Multiple reports also indicate that Bellinger’s contract won’t include any salary deferrals, meaning he’ll carry a $32.5 million average annual value. The structure of his deal will be considerably front-loaded, with him receiving $85 million (over 50 per cent of the total contract) over the first two years of the five-year term.

Before reaching this resolution, many wondered if another suitor might swoop in and steal Bellinger away from the Yankees, like perhaps the cross-town rival Mets. But they ultimately decided to address their outfield need elsewhere, acquiring Luis Robert Jr. from the Chicago White Sox via trade Tuesday night.

While another club, like the Toronto Blue Jays, would’ve also made sense to pursue Bellinger, they likely preferred to avoid entering a bidding war alongside both New York franchises after missing out on marquee free agents Kyle Tucker and Bo Bichette — with the latter formally introduced by the Mets on Wednesday afternoon.

By re-signing Bellinger, the Yankees are now officially running it back with the same position-player group from last season, with Trent Grisham (accepted one-year, $22.025 million qualifying offer) and Amed Rosario (brought back on one-year, $2.5 million extension) also due to return in 2026.

New York’s brass has made a few tweaks to its pitching staff this winter, most notably acquiring left-handed starter Ryan Weathers in a deal from the Miami Marlins earlier this month. He’ll offer protection this spring with ace Gerrit Cole, Carlos Rodón, and Clarke Schmidt all expected to begin next season on the injured list.

Bellinger enjoyed a promising start to his Yankees tenure last season, blasting 29 home runs and driving in 98 — both his highest marks since 2019 — along with posting a .272/.334/.480 slash line and 125 wRC+ (100 league average) in 152 games, worth 4.9 fWAR.