Marlon Byrd traded to Red Sox for Michael Bowden, PTBNL

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UPDATE: Michael Silverman of the Boston Herald reports that Bowden is indeed headed to Chicago along with a player to be named later. The Cubs will cover “most” of the $6.5 million remaining on Byrd’s contract.

5:51: According to Bruce Levine of ESPNChicago.com, Marlon Byrd confirmed that he has been traded to the Red Sox. The deal will be officially announced after today’s Yankees/Red Sox game. It’s not clear how much of Byrd’s salary the Cubs will cover or who the Red Sox will send to Chicago.

12:42 PM: Phil Rogers of the Chicago Tribune writes that the Cubs “could be getting” right-hander Michael Bowden, who would get a chance to pitch out of the bullpen.

12:16 PM: Worry no more, Red Sox fans. Your old friends Theo Epstein and Jed Hoyer are here to help.

Nick Cafardo of the Boston Globe is reporting that the Red Sox are closing in on a deal for Cubs’ outfielder Marlon Byrd. Jacoby Ellsbury is currently sidelined with a subluxed right shoulder and Carl Crawford is still on the comeback trail from wrist surgery, so Byrd would be thrown right into the mix with Cody Ross, Ryan Sweeney and Darnell McDonald.

Byrd is off to a woeful start at the plate this season, batting .070/.149/.070 with three singles, three walks and 10 strikeouts over his first 47 plate appearances. The 34-year-old outfielder is owed $6.5 million this this season in the final year of a three-year, $15 million deal, so the Cubs will almost certainly have to cover a large chunk of his remaining salary.

If the deal goes down, it will be interesting to see where the Cubs go from here in their outfield. Tony Campana was called up to replace the injured Ryan Dempster on the active roster, so he’ll presumably start in center field for now, but trading Byrd could speed up the timeline for top prospect outfielder Brett Jackson. There’s also the chance that the Cubs could slide David DeJesus from right to center, move Bryan LaHair to the outfield and promote Anthony Rizzo to play first base.

MLBPA agrees to extend deadline for new posting agreement between MLB, NPB

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Update (7:00 PM ET): The MLBPA announces that the deadline has been extended 24 hours while MLB and NPB continue to negotiate a new agreement for the posting system. The new deadline is 8 PM ET on Tuesday.

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Last Thursday, we learned that the MLBPA was challenging the Nippon Professional Baseball posting system, delaying Japanese superstar Shohei Ohtani’s move to Major League Baseball. The latest collective bargaining agreement removed a lot of the incentive for players to come to the U.S. by capping pay. Ohtani, for example, can only receive a signing bonus between $300,000 and $3.53 million while his team — the Nippon Ham Fighters — would receive $20 million for posting him.

Jon Morosi reports that the deadline for this issue to be resolved is 8 PM ET on Monday evening. He notes that key NPB officials have worked through the night in Japan to try to reach a resolution. It is possible that even if no agreement is reached, the deadline could be pushed further back.

Ohtani, 23, has become a heralded hitter and pitcher in Japan. At the plate over his five-year career, he has compiled a .286/.358/.500 triple-slash line with 48 home runs and 166 RBI in 1,170 plate appearances. On the mound, he has a 2.52 ERA with a 624/200 K/BB ratio across 543 innings.