The Yankees have traded right-handed reliever Adam Ottavino to the Boston Red Sox, per multiple reports.

The deal will send Ottavino and right-handed pitching prospect Frank German (their 24th-ranked prospect, per MLB Pipeline) to Boston, with the Sox taking on $7.15 million of the $8 million owed to Ottavino this season, reports Joel Sherman of the New York Post.

Also going from Boston to New York will be a player to be named later or cash considerations, per multiple reports.

While Ottavino was owed only $8 million in 2021, it counted as $9 million for luxury tax purposes due to the overall value of his three-year deal.

New York had been looking for a team to take Ottavino off their hands, per SNY's Andy Martino, and will now be off the hook for most of the money he was owed in 2021, which was the final season of his three-year contract.

Ottavino, 35, had a down year in 2020, though his advanced stats suggest he was the beneficiary of some bad luck.

After posting a 1.90 ERA (3.44 FIP) in 2019 during what was his first season with the Yanks, Ottavino had a 5.89 ERA (3.52 FIP) in 18.1 innings during the shortened 2020 campaign.

While Ottavino's ERA in 2020 was unsightly, his strikeout rate (12.27 per 9) remained elite and his walk rate dropped.

With Ottavino's $9 million off the books, the Yankees -- who have been reluctant to exceed the $210 million luxury tax threshold in 2021 -- now have extra money to play with as they look to fill other needs this offseason.

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