The New York Yankees have made big splashes this offseason with their expensive signings, and it appears that they are not yet done dealing with reports saying that they are in serious pursuit of free-agent pitcher Ubaldo Jimenez.

But unlike during the well-publicized bidding war for Masahiro Tanaka, the Yankees could be outbid in their chase for Jimenez, who is reportedly leaning towards signing with the Toronto Blue Jays.

The Blue Jays are still playing the waiting game when it comes to the final asking price of the remaining big-name free agents on the market, but the team is reportedly serious in acquiring Jimenez, who is expected to be a good fit to the pitching-needy squad.

"The Blue Jays are believed one of three teams currently in the mix, though Toronto is said to be waiting before making offers considering the unknown market to date. One exec who knows Jimenez well said he believes Toronto would be an ideal fit for Jimenez, a smart and worldly sort," Jon Heyman of CBS Sports reported.

One potential hurdle on the Jimenez-to-Toronto deal is the draft pick compensation the Blue Jays will have to surrender to the Cleveland Indians should they sign the 30-year-old pitcher.

Previous reports suggested that the Blue Jays are willing to surrender a draft pick as compensation, but the Northeast Ohio Media Group noted that as Spring Training nears, there is a good chance Jimenez will opt to sign a one-year deal with the Indians.

"The longer Jimenez goes unsigned, the wider the door has opened for his possible return to Cleveland. Yet what if the Indians put more value on being compensated with a high draft pick than re-signing Jimenez?" MLB analyst Paul Hoynes noted.

Aside from Jimenez, reports indicated that the Blue Jays could also make a run at former Kansas City Royals pitcher Ervin Santana, who is still unsigned a few weeks before the 2014 MLB Spring Training.

Sources said that the Blue Jays have already made an inquiry along with the Baltimore Orioles, New York Yankees, and the Minnesota Twins. However, it remains to be seen whether or not Santana will finally drop his previous asking price.

"The Jays are known to have checked in, while the Orioles, Yankees and Twins are known to have requested his medicals. Beyond that, not much is known. There's no word yet Santana has dropped his asking price from five years, though at this stage, a four-year deal wouldn't be bad at all," CBS Sports noted.