Jake Peavy For Phil Hughes and Melky Cabrera?

This is barely a rumor, but I have been getting emails about it.  Buster Olney said today in his blog that trade talk has run rampant at the GM meetings, even stretching towards deals with little chance of happening. 

Olney says the Padres and Yankees briefly discussed a trade that would send Phil Hughes and Melky Cabrera to the Padres for ace Jake Peavy.  He also said that trade "almost certainly won’t happen."  Peavy makes $6MM in 2008 and $8MM in 2009, with another possible $3MM in incentives over those two years.  Peavy expects to be traded before reaching free agency – he knows the Padres won’t pony up $18MM a year.  You have to figure Kevin Towers will at least listen.  Michael Silverman has heard whispers that Peavy might be available.

Even though it’s highly unlikely, would this be a fair trade?