UDPATE: Cubs and Reds “close” to trade involving Sean Marshall and Travis Wood

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UPDATE: Bruce Levine of ESPNChicago reports that the deal is “close” and that the Cubs would receive two minor-leaguers along with Wood.

10:29 PM ET: The Reds landed Mat Latos in a blockbuster deal over the weekend, but they aren’t done on the trade front.

Ken Rosenthal on FOXSports.com reports that they are currently discussing a deal with the Cubs for left-hander Sean Marshall. Chicago is said to be eyeing left-hander Travis Wood, a pitcher who intrigued team president Theo Epstein when he was general manager of the Red Sox last season. It’s not known what other players might be in the deal.

Marshall has emerged as one of the best relievers in the game over the past two seasons, posting a quality 2.45 ERA and 169/42 K/BB ratio over 150 1/3 innings while handling righties and lefties with nearly equal aplomb. The 29-year-old left-hander is due $3.1 million next season before hitting free agency.

Wood had a disappointing 4.84 ERA in 18 starts and four relief appearances at the major league level this past season, but showed plenty of promise when he posted a 3.51 ERA and 86/26 K/BB ratio over 102 2/3 innings as a rookie in 2010. The 24-year-old southpaw doesn’t throw all that hard and profiles as a fly ball pitcher, but this is a pretty good time to attempt to buy low.