UPDATE: Yankees “on verge” of trade for Lance Berkman

UPDATE: A source tells Ken Rosenthal of FOXSports.com that Berkman gave approval of a trade to the Yankees earlier today, however he can waive the trade anytime in the next 24 hours because of his 10-5 rights. As such, this trade probably won’t be official until tomorrow afternoon. 5:10 PM: Earlier this afternoon Joel Sherman of the New York Post reported that the Yankees were “definitely in for Lance Berkman” and “considering him seriously.” And now Sherman is reporting that a deal sending Berkman from Houston to New York is “on verge of completion.” No word yet on what the Astros will be getting back or how much salary they’ll have to eat to get it done, but Houston acquired who they hope will be Berkman’s long-term replacement at first base when they got Brett Wallace from the Blue Jays yesterday. Berkman would be the full-time designated hitter in New York. His current OPS is a career-low .808 after 10 straight seasons above .890, but the 34-year-old switch-hitter has posted an .850 mark since June 1. Berkman is making $14.5 million this season and his contract has a $15 million option or $2 million buyout for 2011. In other words, he’d be strictly a two-month rental.