I heard this from someone reliable earlier:
I heard that the Yankees are talking to the Rangers about getting Alfonso Soriano and putting him in CF. Texas would get Giambi, Cano and another prospect and a significant amount of money to cover Giambi's contract. Obviously a big sticking point is the amount of money that the Yankees will have to give Texas. They want the Yankees to forget about the remaining $58.5M 9.5m p/ year, that they owe the Yankees from the Arod trade. The Yankees have apparently countered with about $40m. Giambi would then cost the Rangers aprox. $6.5m for the next 4 years.
We'll see what happens. It was a surprise to me, but it's what I heard.