UPDATE: Hal Steinbrenner calls the Daily News story "complete fiction'' in a statement tweeted by CBS' Jon Heyman.
In addition, Major League Baseball released the following statement:
"Major League Baseball has received no indications from any representatives of the New York Yankees or anyone else that the Club is for sale.''
DEVELOPING: The New York Daily News is reporting that the Steinbrenners could be exploring the possibility of selling the Yankees, who the family has owned for 40 years.
Citing "multiple baseball and finance sources,'' the Daily News' Michael O'Keeffe and Bill Madden write that the recent sale of the Dodgers for $2.175 billion is just one reason the family might be willing to sell the team, which could bring up to $3 billion.
A desire to lower payroll and Hal Steinbrenner's seeming lack of passion for baseball are other factors fueling the rumors, according to the story.
Hal Steinbrenner's father, George, originally purchased the team for $8.8 million in 1973.
"It would definitely be the right time for the family to sell," a baseball source familiar with matters involving the league's owners told the Daily News. "The value of the team couldn't be higher, but at the same time, it's an older team in a division with younger teams getting better at the same time a lot of the Yankees' core veterans are starting to go into decline."
Read the full story here.
And here's more coverage from the Daily News: