Andrew Marchand reacts to the Yankees sending Carlos Beltran to the Rangers. (0:34)

Beltran trade indicates Yankees giving up on 2016 (0:34)

The New York Yankees traded outfielder Carlos Beltran to the Texas Rangers for right-handed pitching prospect Dillon Tate and others.

Beltran, 39, is batting .304 with 22 home runs and 64 RBIs this season for the Yankees. He is in the final year of a three-year, $45 million contract and will be a free agent after this season.

Tate, 22, was the Rangers' first-round pick in the 2015 draft. The right-hander is 3-3 with a 5.12 ERA in 17 games (16 starts) with the Hickory Crawdads, the Rangers' Class A team in the South Atlantic League.

In addition to Tate, the Yankees will also receive minor league right-handed pitchers Erik Swanson and Nick Green from the Rangers.

The trade was first reported by Yahoo! Sports.