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.

Ken Giles: ‘I’m actually enjoying the game more than I did for my entire tenure in Houston’

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Blue Jays closer Ken Giles hasn’t exactly turned things around since joining the Blue Jays on July 31, when the club sent embattled closer Roberto Osuna to the Astros. Giles posted a 4.99 ERA in 30 2/3 innings with the Astros, then put up a slightly less miserable 4.58 ERA in 17 2/3 innings with the Jays. Still, he’s much happier with the Jays than he was with the Astros, even after winning the World Series with them last year. He said to Rosie DiManno of the Toronto Star, “I’m actually enjoying the game more than I did for my entire tenure in Houston. It’s kind of weird to say that because I won a World Series with that team. But it’s like, I just felt trapped there. I didn’t feel like myself there. Overall, I felt out of place.”

Giles also said “the communication was lost” with the Astros and it was something that came easy with the Jays. He said, “When I came here, they stayed patient with me. I said hey, I want to work on this thing till I’m comfortable. All right. OK, I’m comfortable, let’s move on to this next thing. Pitching, you can’t just try to fix everything at once. For me, I had to take baby steps to get my groove back. The Jays allowed me to do that. Yeah, the team was out of contention, but it doesn’t matter. It’s still my career. I still have to prove myself. Them being so patient with me, understanding what I want to do, was very, very big.”

Giles, 28, has two more years of arbitration eligibility remaining. He has shown promise despite his overall mediocre numbers. In non-save situations this season (with both the Astros and Jays), he has a 9.12 ERA. But in save situations, his ERA is a pristine 0.38. Giles could be a closer the Jays find themselves leaning on as they attempt to get back into competitive shape. Since it sounds like Giles is quite enamored with Toronto and with the Blue Jays, a discussion about a contract extension certainly could be had.