Rockies trade catcher Miguel Olivo to Jays for PTBNL

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This comes as a bit of a surprise.

Tracy Ringolsby of FOXSports.com reported Wednesday that the Rockies declined catcher Miguel Olivo’s $2.6 million option for 2011 and that the veteran would enter this offseason as a free agent.  That report was apparently incorrect.

The Denver Post’s Troy Renck just tweeted that Olivo has been traded to the Blue Jays for a player to be named later.  And it has now been confirmed by multiple outlets, including Ringolsby.

Toronto will enter 2011 with a logjam of three catchers — Olivo, Jose Molina and J.P. Arencibia.  John Buck is a free agent and is expected to move on in search of a lucrative multi-year contract.

It seems likely that Olivo will be the starter, Molina will be the backup and the 24-year-old Arencibia will be shipped to Triple-A to start the season.  If the youngster continues to make progress, the Jays can move Olivo for a prospect in July and shuffle the depth chart accordingly.