8:30pm: Joel Sherman says the Yankees will pay nearly all of that $13M in 2013, meaning Wells will not count towards the $189M payroll limit in 2014. Money assumed in trades does not get spread out according to average annual value for luxury tax purposes.

7:56pm: Heyman says the Yankees are indeed paying Wells $13M over the next two years. Truly unbelievable. Reeks of desperation and panic.

7:35pm: The Yankees and Angels have reached an agreement on the money in the deal, reports Heyman. The league still has to approve everything, but it’s basically a done deal.

7:22pm: Ken Rosenthal says the Angels will eat at least $32M of the $42M left on Wells’ contract. Meanwhile, Buster Olney says New York will pay him $13M over the next two years. Either way, barf.

4:57pm: David Waldstein says the trade is not expected to be finalized tonight, but it will happen as some point. MLB has the sign off given the amount of money changing hands. Tomorrow seems like a safe bet.

4:40pm: Buster Olney says Wells will approve the trade while Mike DiGiovanna notes his locker is already being cleaned out in Anaheim’s clubhouse. Sounds like there are still some minor details to work out.

4:10pm: The deal is close enough to being done that the Yankees are reviewing Wells’ medical information according to Scott Miller. So I guess this is really happening.

3:51pm: Mark Feinsand says the Yankees would surrender a low-level prospect for Wells.

3:33pm: Via Jeff Passan: The Yankees are in talks to acquire Vernon Wells and a trade could happen as soon as today. The Angels would be eating a whole lot of the $42M owed to the outfielder over the next two years. Wells has a full no-trade clause and it’s unclear if he would waive it to come to New York. We heard the two sides talked trade back in December.

Wells, 34, has had a strong spring — 13-for-36 (.361) with a double and four homers — but he’s been terrible during his two years in Anaheim: .222/.258/.409 (82 wRC+) in 791 plate appearances. He has hit .266/.313/.481 (119 wRC+) against southpaws the last two seasons, but he’s been far below-average against lefties in three of the last four years (134 wRC in 2011 being the exception). If the Yankees give up a fringy prospect and the Halos eat enough salary to make him a ~$2M per year player, it would be not horrible but still pretty bad.