8:40pm: Mark Gonzales of the Chicago Tribune has the reaction from White Sox GM Kenny Williams. "Anyone who follows our club knows we still have championship aspirations for this season," he said.
7:19pm: The Associated Press has a full recap of the short press conference. Peavy said he will answer more questions after his start against Carlos Zambrano and the Cubs Friday night.
7:07pm: Jake Peavy read a statement to reporters, confirming that he will not accept a trade to the White Sox. "San Diego is the place for us," Peavy said of him and his family. "We've made that decision for the time being."
The White Sox are not likely to be the last team to make an offer for Peavy, and he seems to be leaving the door open for a future trade.
To recap, the White Sox and the Padres agreed to a deal that would send Peavy to Chicago in exchange for four Sox pitchers, including prospects Clayton Richard and Aaron Poreda. But Peavy, whose conract includes a full no-trade clause through this season, nixed the deal. For a blow-by-blow account of how this deal came together and then fell apart, see our thread from earlier today.