The report cited major league sources and said Ellsbury been lured away by a seven-year contract worth $153 million, which would include an option for an eighth year.
The 30-year-old has spent the last seven seasons with the Red Sox and been a part of two World Series winning teams, including the one that beat the St Louis Cardinals in October.
Ellsbury hit .298 with nine home runs and 53 RBIs in 2013.
His arrival in New York could be a spark to a Yankees roster that will feature changes next year.
The signing comes in the midst of the Yankees negotiating to retain free agent infielder Robinson Cano, who is set to command a big payday and could also bolt to a new team (Writing by Jahmal Corner in Los Angeles, editing by Nick Mulvenney)
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