The Rockies are getting multiple players in the deal and will send upward of $50 million to St. Louis, sources said.
The news was first reported by The Athletic.
Arenado, 29, is scheduled to make $35 million in 2021 as part of a $260 million, eight-year contract he signed with the Rockies in 2019. The deal includes an opt-out clause after the ’21 season.
A five-time All-Star, Arenado struggled at the plate during the abbreviated 2020 season, hitting .253 with eight homers before missing the final nine games with a left shoulder bone bruise. He also earned an eighth straight Gold Glove.
The down year came after he hit a career-best .315 with 41 homers and 118 RBIs in 2019.
In December, Rockies manager Bud Black downplayed rumors that Arenado and shortstop Trevor Story would be traded, saying, “My expectation is that they’ll be with us come Opening Day.”
The Rockies have missed the playoffs the past two seasons after making the wild-card round in 2017 and the National League Division Series in 2018.