The New York Yankees successfully signed one of the most coveted free agents this offseason, but they could miss out on their target this time, as reports suggested that the Toronto Blue Jays are now favored to land Ubaldo Jimenez.

CBS Sports reported that the Blue Jays and the Yankees, along with the Baltimore Orioles, are currently in the mix for Jimenez, but sources said that the former Cleveland Indians pitcher is interested in moving to Toronto.

The Blue Jays have yet to tender an offer to the 30-year-old pitcher, but reports indicated that they have already requested medicals for Jimenez. One executive also said that the Blue Jays view Jimenez as a good fit with their starting rotation.

"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," CBS Sports noted.

The eighth-year veteran has yet to reveal his final asking price, but sources said that Jimenez is leaning towards lowering his demand to a three-year, $39 million deal. The Blue Jays are willing to offer that much, but sources added that the Indians could also make a run to retain Jimenez should he decide to drop his asking price to that range.

"There has been word in management circles Jimenez could be amenable to as little as a three-year deal now, though that is unconfirmed. If the price does drop, the incumbent Indians, who like him, could come back into play. But for now, the Jays seem most likely," CBS Sports noted.

The Indians will receive draft pick compensation from the team that will acquire Jimenez after the Dominican Republic native turned down the $14.1-million qualifying offer from Cleveland in November.

Previous rumors also indicated that Jimenez, who went 13-9 with a 3.30 ERA last season, could settle for less and return to Cleveland in order to rebuild his price value next season, and look for another lucrative deal before the 2015 MLB season.