The 6-foot-4 right-hander is considered the best pitcher in the game, which he demonstrated over the course of his dominant 2019 season.
Cole won 20 games while pitching to a 2.50 ERA, and struck out a league-best 326 batters over 212 1/3 innings.
"You've been our white whale," Brian Cashman said Tuesday about the Yankees' pursuit of Cole over the years.
"[Cole] would fit into anybody's clubhouse as a player," Cashman added, "but he clearly would fit in our clubhouse as a person too."
Cole's reported deal makes him the highest paid pitcher in baseball, and positions him atop a deep Yankees rotation anchored by Luis Severino, James Paxton and Masahiro Tanaka.
The MLB offseason has already seen a flurry of action as the Winter Meetings wind to a close this week, but with Cole's move to the Bronx, the rest of the market can begin to more clearly take shape.
Stay tuned to YES Network for all the latest Yankees news and developments as this MLB Hot Stove season kicks into high-gear.