"We are having ongoing conversations," Feliciano's agent, Melvin Roman said. "We are making a little progress."
Roman said there are two or three other teams he is talking with about Feliciano, but he declined to name them.
With Cliff Lee spurning the Yankees, general manager Brian Cashman is hoping that Andy Pettitte will return to the rotation and plans to invest in the bullpen. Cashman is preaching patience in regards to making a big splash in response to Lee not coming to the Bronx.
Feliciano makes sense, because the Yankees want a second lefty in their 'pen to go along with Boone Logan, who emerged as a specialist last year. Damaso Marte's shoulder surgery is likely going to force him to miss most, if not all, of the year.
Feliciano, who has played his entire career with the Mets, has led the National League in appearances the past three seasons. Last year, he pitched in 92 games.
During the winter meetings last week, one of the agents for lefty Brian Fuentes, Dan Horwits, said he and the Yankees have held talks as well.
Andrew Marchand covers the Yankees for ESPNNewYork.com.