UPDATE: Phillies acquire Michael Young from Rangers

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UPDATE: The deal is done, according to USA Today’s Bob Nightengale. Young, the Rangers’ all-time leader in hits and games played, has been traded to the Phillies.

Nightengale hears that Young agreed to the deal after receiving $1.2 million in benefits from the Rangers and a full no-trade clause from the Phillies. The Rangers agreed to pay about $10 million of Young’s $16 million salary for 2013, so it’s a relatively low-risk gamble for Philadelphia. Still, that’s a pretty old infield.

1:20 PM: Evan Grant of the Dallas Morning News reports that Young has “indicated a willingness” to accept a trade to the Phillies. However, the deal is not finalized because some of the financial aspects still need to be worked out.

Young is expected to get some form of compensation for waiving his full no-trade clause while MLB must approve the salary (more than $10 million, says Grant), being covered by the Rangers. But it sounds pretty close to being done. Grant hears that the Phillies will send reliever Josh Lindblom and prospect right-hander Lisalverto Bonilla to Texas.

10:28 AM: Michael Young has been taking his time to decide whether to waive his no-trade clause and accept a trade to the Phillies. But it appears that he has come to a decision.

T.R. Sullivan of MLB.com was told by industry sources that Young is expected to OK the deal and that the trade could go down as soon as today. The 36-year-old was expected to have a diminished role with the Rangers in 2013, so it makes for a pretty easy baseball decision, but Jeff Passan of Yahoo! Sports hears that the biggest consideration was his family.

Young batted .277/.312/.370 with eight home runs, 67 RBI and a career-low .682 OPS this past season and is expected to take over as the Phillies’ starting third baseman in 2013. The Rangers will reportedly cover at least half of Young’s remaining $16 million salary, as well as receive a reliever and prospect in return.

Report: Yankees J.A. Happ, closing in on a three-year deal

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UPDATE: Rosenthal is now walking the report back a bit, saying that indications that the Yankees and Happ are close to a deal but that it is not yet done.

10:29 AM: Ken Rosenthal reports that the Yankees and J.A. Happ have come to terms on a three-year deal. The agreement is pending a physical. The financial terms are not yet known.

Happ just turned 36, but he has been effective enough to warrant a three-year commitment. The Yankees know this as well as anyone, having acquired him last year and watched him post a 7-0 record and a 2.69 ERA in 11 starts in New York. For the entire season he was 17-6 with a 3.65 ERA and a K/BB ratio of 193/51 in 177.2 innings between the Yankees and the Blue Jays.

With Happ back in the fold, the Yankees rotation now consists of Luis Severino, James Paxton, Happ, Masahiro Tanaka and CC Sabathia, not necessarily in that order. A good group, assuming it stays healthy.