The New York Yankees have been on a spending spree this offseason as they bid to erase the memory of their disappointing season last year.

The Yankees recently signed Japanese pitcher Masahiro Tanaka to a lucrative seven-year-deal worth $155 million, but recent reports suggested that the deep-pocketed team is not yet done making moves this offseason.

Sources said that the Yankees will look to sign another big-name free agent to complete their starting rotation or look for trades for additional pitcher, and Philadelphia Phillies closer Jonathan Papelbon could be on their radar.

Recent reports indicated that the Phillies are shopping Papelbon and a trade could be struck before Spring Training.

Papelbon's projected $26-million salary in the next two seasons are discouraging teams from trading for him, but MLB analyst Ken Rosenthal said via BoxingScene that a trade could be possible if they can find a team desperate to fill up their pitching needs.

"Ken Rosenthal of FoxSports.com and others reported in December that the Phillies were looking to move the veteran right-hander, who is still owed $26 million over the next two seasons," Bleacher Report noted. "It's going to be difficult for them to move Papelbon in light of the size of his contract, but perhaps they'll find somebody desperate enough to do business before spring training gives way to Opening Day."

Veteran MLB analyst Pete Dymeck believes that the Yankees could be that "desperate" team as the club is reportedly looking for a closer who could serve as successor to Mariano Rivera.

The Phillies are expected to ask for future assets, which makes a possible trade doubtful considering New York's lack unattractive young assets, but Philadelphia could also consider making some sort of salary-dumping move.

"The New York Yankees should be considered as potential trade partners. For starters, the Yankees' farm system is nothing to write home about, but they would be doing the Phillies a favor by helping take Papelbon off of their books," Dyneck noted.

If a trade will be consummated before the 2014 MLB Season, the former Boston Red Sox closer will be added to the list of key players acquired by the Yankees this offseason, which include Tanaka, Jacob Elisbury, and Carlos Beltran.

The Yankees, who have already struck deals amounting $471 million this offseason, are also reportedly considering Ervin Santana, who is one of the remaining big-name free agents on the market.