Latest Blue Jays rumor could have big impact on Cody Bellinger chase

The Toronto Blue Jays have been heavily involved in Cody Bellinger rumors ever since Shohei Ohtani chose the Los Angeles Dodgers. There was a brief period where Toronto was actually considered the favorite to land the 2019 National League MVP, but the latest report from New York Post insider Jon Heyman points to the Chicago Cubs as the most likely landing spot for Bellinger.

It would appear Toronto is losing steam on the Bellinger front. Chicago wants Bellinger back, and Bellinger clearly enjoyed his time in the Windy City. Meanwhile, the Blue Jays recently signed Isiah Kiner-Falefa (and re-signed Kevin Kiermaier) to enforce the outfield rotation. There is a well-documented need for left-handed power in Toronto's lineup, but Bellinger isn't the only talented lefty bat on the market.

According to Ben Nicholson-Smith of Sportsnet, the Blue Jays have serious interest in Joc Pederson. The 31-year-old, who spent last season primarily in the DH role for the San Francisco Giants, figures to cost far less than Bellinger. In 358 at-bats last season, Pederson slashed .235/.348/.416 with 15 home runs and 51 RBIs.

Blue Jays interest in Joc Pederson could hint at Cody Bellinger's future

Pederson struggled to live up to expectations last season, suffering a noticeable power slump over the final few months. That said, he was an All-Star for the Giants in 2022, hot on the heels of winning the World Series with the Atlanta Braves in 2021. Pederson was key to the Braves' deepest postseason run since the 90s. When right, he's one of the most intimidating lefty sluggers in baseball.

Toronto would hope a friendlier ballpark and slightly better luck can boost Pederson's numbers in 2024. Despite only hitting only eight homers over his last 85 games (h/t MLB Trade Rumors), Pederson finished the season with a 52.2 hard-hit percentage in the MLB's 96th percentile. His expected slugging percentage of .481 landed in the 82nd percentile.

In short, we should expect more from Pederson in the new year. Daulton Varsho's spot in the Blue Jays' lineup is at risk after his 2023 slump (.220/.285/.389) and there's always room for Pederson to get DH reps. That said, Toronto's "heavy" interest in another power-hitting lefty outfielder probably bodes poorly for those eager to see Bellinger head north of the border. We can't count Toronto out of the race yet, but the winds of change are howling. Whatever momentum Toronto had in the wake of the Ohtani news appears to have dissipated.

Bellinger's reported asking price is $200 million or more. His agent, Scott Boras, is notorious for dragging out free agency and prioritizing maximum financial security. The Cubs are not operating like big-spenders, so Toronto still has a chance to act. The Blue Jays were willing to approach $700 million for Ohtani not long ago. Bellinger doesn't come with the same international market boost, but he's a major talent who would elevate Toronto's competitive standing in a loaded AL East.

The 28-year-old found his groove with the Cubs in 2023, splitting .307/.356/.525 with 26 home runs and 95 RBIs in 499 ABs. There are concerns about Bellinger's consistency and sustainability after two down years that preceded his revival in Chicago, but we have seen what a healthy Bellinger is capable of. The Blue Jays should make a concentrated effort to sign him — with or without Joc Pederson.

If Toronto decides to pivot elsewhere, however, the Cubs have to feel good about their chances of re-signing the two-time All-Star. That said, the Giants remain on the radar, while mystery teams can never be ruled out.