As the deadline approaches for major league teams to make an offer to pitcher Masahiro Tanaka, five clubs emerged as the likely bidders for the Japanese ace.

Japanese news service Nikkan Sports reported that the New York Yankees, Los Angeles Dodgers, Arizona Diamondbacks, Chicago White Sox and Chicago Cubs extended contract proposals to Tanaka worth more than $100 million for six years.

Nikkan listed the Diamondbacks's bid at six years for close to $120 million.

The Los Angeles Angels appear to be out of the running because of budget concerns.

In Chicago, 670 The Score reported that the Cubs are the leading contender for the 25-year-old, but the Chicago Sun-Times said the team is unlikely to land Tanaka, despite having the financial means to make a big offer, because his wife prefers to be on the West Coast.

The right-hander is highly coveted by the Cubs and the other teams after posting a 24-0 record with a 1.27 ERA last season for the Rakuten Golden Eagles in the Japanese league.

The signing deadline is Friday at 5 p.m. ET.