6:23pm: I just spoke to a source familiar with the Cubs’ thinking. Hopefully I can further douse the flames of the Peavy-Cubs rumors – the Cubs aren’t planning to restart the Peavy talks, and none of their recent trades for pitching were related to Peavy. Keep in mind that the team’s ownership situation is far from resolved. – Tim Dierkes
5:58pm: MLB.com’s Barry Bloom heard from Cubs assistant GM Randy Bush that the Cubs have had "no talks about Jake Peavy since they were well-documented during the Winter Meetings." However, this doesn’t mean that talks won’t restart.
Bush said the Cubs could go into Spring Training without further changes, but sounds open to adding players if they come at the right price.
5:16pm: In an ESPN.com video Buster Olney says, "at some point you can expect the Cubs and Padres will again start talking about a Peavy deal" now that the Cubs have added pitching in trades.
Earlier in the winter, the Padres wanted more young arms than the Cubs could offer. Since then, the Cubs added pitching to the organization in the Mark DeRosa deal and created flexibility by trading for Aaron Heilman.
The Cubs could structure a deal for Peavy around prospect Josh Vitters and young pitching.