UPDATE: Cubs "likely" to trade Ted Lilly and Ryan Theriot to Dodgers

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UPDATE: Stark reports that the Cubs are “likely” to send Ted Lilly and Ryan Theriot to the Dodgers. We already know that the Yankees are out, so it sounds like this could get done.

1:06 AM: Jayson Stark of ESPN.com provides an update on Buster Olney’s report, saying that it’s unlikely the Dodgers and Cubs will reach an agreement on Ted Lilly tonight, however a source tells him that they are moving in a “positive” direction.

11:51 PM, Friday: According to Buster Olney of ESPN.com, the Dodgers are “closing in” on a trade for Cubs left-hander Ted Lilly.

Lilly is 3-8 with a 3.69 ERA and 1.14 WHIP over 18 starts this season. He is owed approximately $4.3 million for the rest of this season, so you’d have to assume the Cubs would throw some money in.

Just a little while ago, Tony Jackson of ESPNLosAngeles.com reported that the Dodgers were weighing a deal for just Lilly and another that includes infielder Ryan Theriot.

Astros talking to Justin Verlander, Gerrit Cole about extensions

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It’s extension season and Ken Rosenthal of The Athletic reports that the Astros — who already agreed to an extension with Alex Bregman — are discussing contract extensions with Justin Verlander and Gerrit Cole.

Funny thing about Verlander, by the way: when he got his current $180 million deal, most people fell into the “oh, there’s an overpay!” column. What’s more, this past winter, when everyone was talking about how bad it is to give guys big long term deals, Verlander’s name was notably absent in the conversation despite the fact that his deal has turned out to be quite good. I suppose that says something about how good the anti-long-term deal folks are at cherrypicking.

That being said, Rosenthal says “it would be an upset” if either Verlander or Cole signed extensions. I can see that. Verlander is locked up this year and has a vesting option for 2020, and a lot can happen in a year or two. Cole is a Scott Boras client and Boras clients tend to hit the market rather than sign extensions. Perhaps their former teammate, Dallas Keuchel‘s, terrible experience on the free agent market this winter will alter that calculus. Hard to say.