From what I've read, Cole is going to command somewhere in the $30M/yr range which would seem to place him out of reach for the Yankees, given the way they've gone about free agency the past year.
The Yankees first need to figure out what they plan to do with their own free agents. Do they keep Didi or move Torres to short and DJ to second? Do they re-sign Chapman? Obviously he gave up the Altuve HR, but he still had a very solid season. Or, so the re-sign Betances and move Britton to the closer position? I'm thinking they'll keep Gardner around for another year. His production didn't seem to slip at all and he's a veteran presence in the clubhouse. What happens to Andujar/Voit/Bird/Frazier? Lots of unknowns for now.