The Yankees could be in play to land Ryan Dempster. 

The Cubs pitcher told espnchicago.com that he would not block a trade that sends him to the Bronx. Chicago and Atlanta reportedly agreed upon a deal in principle for the starter, but Dempster vetoed the trade.

With the deadline rapidly approaching at 4 p.m. ET, the Yankees are running out of time to make an offer. The Cubs are essentially out of the playoff race and looking to get something in return for the free agent-to-be.

At 35 years old, Dempster might be having the best season of his career. In 16 starts, he has just five wins, but an earned run average of 2.25. In 104 innings, he's allowed just 81 hits and 27 walks.

New York could use another starting pitcher with Andy Pettitte still on the disabled list. Freddy Garcia has filled in for the lefty during his absence.

The Yankees are the only teams in play to land Dempster. The rangers and Dodgers are also working on deals to get the righty.

The Dodgers are Dempster's preferred destination, but they might not have enough to trade the Cubs after already completing Hanley Ramirez and Shane Victorino.