MLB Network's Jon Morosi was first to report that the teams have agreed to terms on a trade.
The Astros would hope that Cole bounces back to his form from 2013-2016 when he had a 3.23 ERA over 579 1/3 innings of work. He finished with a career-worst 4.26 ERA in 2017 and career-worst 1.44 WHIP in 2016.
Although Cole is coming off a mediocre season, the Yankees likely believed they could transform him into a strong starter by having the 27-year-old rely less on his fastball and more on his off-speed pitches. There haven't been any indications as to the return the Pirates are looking for from Houston.
When the Houston Astros won the World Series, people weren't just celebrating in Houston.
If the trade does goes through, the trade would bolster an already-stacked rotation in Houston that includes two-time Cy Young award-winner Justin Verlander and 2015 victor Dallas Keuchel. But this is a clear suggestion that the Pirates are in rebuild mode.