10:36am: According to a press release from the Cubs, they've traded Hill to the Orioles for a player to be named later. A sensible low-risk move for the Orioles, who can afford to let Hill take his lumps at the big league level. The AL East may not be the ideal environment for him, but it's worth a shot.
Roch Kubatko says Brian Burres was designated for assignment to make room for Hill.
10:16am: We learned yesterday from Jeff Zrebiec of the Baltimore Sun that the Orioles are close to acquiring pitcher Rich Hill from the Cubs for a player to be named later. The deal is not done, but it could be completed early this week. Today Roch Kubatko of MASN adds that the player to be named later the Cubs receive would likely be a "low-level minor leaguer." The Orioles could add Hill and still sign Braden Looper for additional rotation depth.