While a report surfaced Sunday stating the Red Sox were closing in on a deal for the 31-year-old Frazier, New York is supposedly also showing interest in acquiring him as part of a package for Robertson, a former Yankee who was successful in the Big Apple before departing for Chicago in 2014.
Frazier, who has belted at least 29 home runs per season from 2014-16, could supply the Yankees with a serious power threat from the hot corner where they've only managed to amass a .684 OPS with a combined four home runs from Chase Headley and Ronald Torreyes.
Frazier is a free agent at the end of the season and is earning the remainder of a $12-million salary.
The addition of Robertson to the Yankees would also be a boon, as key members of their bullpen - which actually owns the third-best ERA in the AL - have struggled of late.
Robertson is in the midst of another solid season, posting a 2.70 ERA and 0.96 WHIP with 13 saves across 31 appearances.
He's under club control until the end of 2018, earning the remainder of $11 million this season and another $12 million next year.