Reports this evening suggest that the wheels are now turning for free agent righty James Shields. With multiple offers in hand, says Jon Morosi of FOX Sports (via Twitter), the veteran is expected to sign by the end of the week.

As I wrote yesterday, while Shields and agent Page Odle face a difficult task of maximizing value in the month of February, time remains for his market to re-develop. It appears that could now be taking place, with the list of suitors potentially growing this evening.

The Cardinals have now “shown interest” in Shields, Bob Nightengale of USA Today reports on Twitter. While the St. Louis brass has insisted that the club feels good about its rotation depth, there are enough areas of concern that another arm could make good sense — particularly one of Shields’s quality.

Meanwhile, a rival general manager says that he believes the Yankees are “actively pursuing” Shields, Jon Morosi of FOX Sports reports on Twitter. New York certainly could justify buttressing its starting five: it probably has an even greater need to upgrade at the back end and protect against uncertainty in the projected rotation than do the Cards. On the other hand, Joel Sherman of the New York Post tweets that he hears the team is not changing its decision not to pursue top-of-the-market starters.

It certainly appears that both clubs have the financial wherewithal to make such a move. St. Louis has been judicious with committing future assets and maintains good forward-looking payroll flexibility. And New York can never be counted out from dipping into its coffers when opportunity arises.

As for other possibilities, the Padres are also believed to have engaged in recent discussions with the Shields camp, Morosi tweets. Another busy club, the White Sox, are almost certainly set to enter the spring with their current array of talent, GM Rick Hahn tells Dan Hayes of CSNChicago.com (via Twitter).

While both of these clubs have been mentioned as possible landing spots for Shields at various points in the past, it was never entirely clear whether that was based on analysis or real internal consideration. These latest reports appear to push the needle toward the latter. Obviously, the entry of either or both would be excellent news for Shields’s leverage.