10:47am CDT – Roy Oswalt just called ESPN and wants his own one hour special to announce his “decision.”

10:44am CDT – Ken Rosenthal reports that Jonathan Singleton is NOT in the deal and that the money coming back to the Phillies is less than $12 million.

10:42pm CDT – The ball is still in Oswalt’s court. The Astros are on the schedule today but he is expected on the hill tomorrow.

10:26am CDT – ESPN’s Jayson Stark has an update on the pending Roy Oswalt trade. The Astros would receive Triple-A pitcher J.A. Happ and two prospects in the deal and would send Roy Oswalt and $12 million to the Phillies.

10:21am CDT – There’s still interest in Cleveland Indians’ right-hander Fausto Carmona but Ken Rosenthal says the chances of the Indians trading him is “one in a million.”

10:19am CDT – ESPN’s Jayson Stark reports that if Jonathan Singleton isn’t in the deal from the Phillies, another player that has been discussed is first baseman prospect Matthew Rizzotti who’s hitting .364 in Double-A.

10:16am CDT – A quick note on the New York Yankees from Fox Sports’ Ken Rosenthal. Even though catcher Jorge Posada is dealing with injuries, Rosenthal says the Yankees are unlikely to trade for a catcher before the deadline. They are also not confident about landing first baseman Adam Dunn from the Nationals.

10:08am CDT – ESPN’s Jerry Crasnick checks in on the pending Roy Oswalt trade. Crasnick says that another name Houston has talked about is Jonathan Singleton.

10:04am CDT – Jon Paul Morosi of Fox Sports notes that Corey Hart hasn’t started in over a week and that the odds of him being traded at this point are slim.

9:49am CDT – ESPN’s Jayson Stark reports that while there isn’t a former deadline set for Roy Oswalt to make his decision on the trade, both him and Triple-A pitcher J.A. Happ are scheduled to pitch tomorrow so both teams would like to have a decision today.

9:41am CDT – A lot of San Diego Padre fans are waiting to see what general manager Jed Hoyer is going to do. There are those around San Diego who are under the impression there aren’t going to be any moves prior to Saturday, that all of the moves the team makes will come in August.

The Dodgers made a move yesterday, picking up Scott Podsednik from the Kansas City Royals. Now we’ll see how the Giants, as well as the Padres, respond to that.

9:32AM CDT – Danny Knobler of CBS Sports weighs in on the pending Roy Oswalt trade. He said that though Astros’ general manager Drayton McClane has killed an Oswalt deal before (2007 to the Mets) it doesn’t look like that will happen this time around.

9:15am CDT – Amy Nelson of ESPN has an interested note on the pending Oswalt trade.

“Phils would need 2 compensate Oswalt 4 waiving no trade, & also 4 no income tax in TX. imagine that’d be part of $ discussions.”

9:05am CDT – Ken Rosenthal reports that the Roy Oswalt to the Phillies deal is a three-for-one deal and that Triple-A pitcher J.A. Happ is part of the deal. Rosenthal also says that the Astros are going to pay a “significant amount” of Oswalt’s remaining contract which is more than $23 million.

8:53am CDT – Funny little tidbit from Yahoo Sports’ Jeff Passan, funny enough for me to pass it along.

Oswalt’s checklist: 1) Approve deal to Philadelphia. 2) Prepare for Cliff Lee comparisons the rest of the season. 3) Weep accordingly.”

8:51am CDT – Ken Rosenthal tweets what we’ve already known but just to confirm that a deal is in place pending Roy Oswalt’s approval.

8:47am CDT – SI.com’s Jon Heyman says he’s hearing that the Astros are sending a lot of money to Philadelphia to help cover what’s left of Oswalt’s contract. That will definitely help the Phillies as far as payroll over the next year or two.

8:45am CDT – Quick note on the Prince Fielder to the Rangers rumor that surfaced yesterday. Looks like that fell apart quicker than the rumor started. Not sure the Ranger will be willing to give up what Milwaukee is asking.

Speaking of the Brewers, with all the rumors that surrounded Corey Hart going to the Giants, it seems now that Hart will end up staying put unless the Brewers lower the price tag. I don’t see the Giants trading Jonathan Sanchez and that’s what Milwaukee wants.

8:40am CDT – Seems the only way the Astros trade Brett Myers is if Roy Oswalt nixes the trade to Philadelphia, according to Fox Sports’ Ken Rosenthal. Rosenthal also says that Cubs’ left-hander Ted Lilly is the best left-handed pitcher on the market and that infielder Ryan Theriot could be traded as well.

8:34am CDT – Speaking of Ted Lilly, the Mets are unlikely to land the Cubs’ left-hander because they are unwilling to pick up Lilly’s remaining $4.37 million plus give up prospects as well.

8:10 a.m. CDT— SI.com’s Jon Heyman says the Astros apparently told the Mets they are wanting to hang on to right-hander Brett Myers especially with Roy Oswalt likely on his way out. The Mets apparently preferred Myers to Cubs’ left-hander Ted Lilly.

8:03 a.m. CDT— While the day is still young and there’s a lot more rumors to come today, I’m curious to get your take on which has been the bigger deal so far. Was it Cliff Lee to Texas? Dan Haren to the Angels? Or will it be Roy Oswalt to Philadelphia, IF he approves it? Which of the three pitchers will have the most success with their new teams?

7:49 a.m. CDT— Joel Sherman of the New York Post has the framework for the Oswalt deal. Seems the two teams looked at the Jake Peavy deal when he was traded from San Diego to Chicago last year. A pitcher still under contract and money left for four pitching prospects.

7:47 a.m. CDT— While Roy Oswalt is the hot topic this morning, there is other trade news going on today. ESPN’s Jerry Crasnick thinks the Mets will be able to trade outfielder Jeff Francoeur sometime in August as he’s expected to clear waivers.

7:45 a.m. CDT— While we wait for Roy Oswalt to make his decision sometime today, SI.com’s Jon Heyman reports that the Phillies had been discussing J.A. Happ, Vance Worley, and two younger pitchers. Could be the players heading to Houston in return for Oswalt.

Also, Ken Davidoff reports that Oswalt had told friends he would not require a team to pick up his 2012 option. Seems we’ll see if he holds true to that statement.

Good morning baseball fans. Another day of trade rumors is upon us as we’re just two days away from baseball’s non-waiver trade deadline which comes up this coming Saturday.

We’ll get this started quickly as there’s one report that broke late last night on the Roy Oswalt front.

According to several sources, the Phillies and Astros intensified trade talks and eventually came to an agreement on the players, money, etc. The only thing that everyone is waiting for is the decision from Roy Oswalt as to whether he’ll waive his no-trade or whether he’ll opt to stay in Houston and hope they find another suitor.

That’s where we’re starting today. We’ll post updates on this and much more as the day wears on.

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