UPDATE: Giants unable to reach deal with Ted Lilly

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UPDATE, 6:25 p.m. ET: Chris Cotillo of MLB Daily Dish says the deal has been called off because the two sides could not come to an agreement on a designated callup date. Lilly remains a free agent.

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3:45 p.m. ET: Andrew Baggarly of CSNBayArea.com reports that the Giants are nearing a minor-league contract with Ted Lilly, who was released by the Dodgers over the weekend.

Los Angeles is paying the remainder of his $12 million salary for this season, so it would be a low-cost flier for San Francisco and the 37-year-old Lilly is expected to pitch at Triple-A if/when the deal is finalized.

Lilly hasn’t been healthy since 2011, but with the Giants currently choosing between Barry Zito and Ryan Vogelsong for the final spot in their rotation Lilly could certainly get a look down the stretch.

Jonny Venters is back in the majors

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The Rays announced on Wednesday that the club purchased the contract of lefty reliever Jonny Venters from Triple-A Durham. The 33-year-old hasn’t pitched in the majors since 2012 due to a continuous battle with arm injuries. The Rays note that he has undergone two and a half Tommy John surgeries, which is a number that seems to be in dispute.

Venters signed a minor league contract with the Rays in December. With Durham so far this season, he gave up two runs (one earned) on four hits and five walks with six strikeouts in 5 2/3 innings.

Before the injuries, Venters was among the best relievers in 2010-11. In those two seasons, he posted a combined 1.89 ERA with 189 strikeouts and 82 walks in 171 innings.