Giants acquire Jake Peavy from Red Sox

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UPDATE: The deal is now official. Alex Speier of WEEI.com reports that the Red Sox will pick up just over half of the roughly $5 million remaining on Peavy’s contract for this season. That explains why they got something of quality in return.

As for Peavy, he will make his Giants debut tomorrow night against the Dodgers.

12:01 p.m. ET: ESPN’s Buster Olney reports that the Red Sox will receive prospect pitchers Edwin Escobar and Heath Hembree in return. Both are pretty legit prospects, but it helps that the Red Sox are apparently sending some money to the Giants in the deal.

Escobar, a 22-year-old left-hander, was No. 56 on Baseball America‘s preseason list and has posted a 5.11 ERA and 96/37 K/BB ratio over 111 innings this season with Triple-A Fresno. Hembree, a 25-year-old right-hander is a relief pitcher with a big arm. He made nine appearances with the Giants last season, but has pitched exclusively in Triple-A this year, posting a 3.89 ERA and 46/13 K/BB ratio over 39 1/3 innings.

11:15 a.m. ET: CBS Sports’ Jon Heyman reports that the Giants will acquire Peavy from the Red Sox. No word yet on what Boston will receive in return, but it’s expected to be minor league pitchers.

11:07 a.m. ET: According to Ken Rosenthal and Jon Paul Morosi of FOXSports.com, the Giants are close to acquiring Peavy. However, details are still being worked on.

10:59 a.m. ET: Jen Royle of the Boston Herald reports that the Red Sox are close to trading right-hander Jake Peavy to a National League team. However, she also adds that “lots of things need to happen” before it gets done.

While the Cardinals were rumored as a possible destination earlier this month, Royle hears that he’s not going to St. Louis. Her best guesses are the Giants or Brewers. For what it’s worth, FOX Sports’ Ken Rosenthal hears that the Red Sox and Giants were having “serious discussions” about Peavy yesterday.

Peavy, 33, has posted a 4.72 ERA and 100/46 K/BB ratio over 124 innings this season. He’s due to be a free agent this winter.

Report: Mets showing interest in Bartolo Colon

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Last month, free agent right-hander Bartolo Colon told reporters that he’d be open to taking a minor league deal in 2018, but only if he was guaranteed a return to the Mets’ system. The 44-year-old starter is nearing the end of a 20-year career, and it makes sense that he’d want to have one last hurrah in the city where he had some of his most productive years.

Now, Twins starter Ervin Santana tells Mike Berardino of the Pioneer Press, it looks like the Mets might also be open to a reunion. It’s doubtful that Colon has all that much left in the tank, especially following a combined 7-14 record and 6.48 ERA for the Braves and Twins last year, but he’s not necessarily looking to reproduce the 15+ win, sub-4.00 ERA totals of years past.

Instead, Santana says, Colon is seeking the opportunity to win just six more games. He’ll enter the 2018 season five wins shy of the all-time record for a Latin American-born player, and is hoping to claim that title for himself before he enters retirement in 2019. Former Orioles and Expos hurler Dennis Martinez currently holds the record after clinching his 245th win back in 1998. While it took Colon a full season of starts to come up with even seven wins in 2017, he’s only one year removed from a 15-win campaign in 2016. Provided that the Mets are willing to gamble on him again, the milestone may not be that far out of reach.