12:07pm: In a corresponding move, the Cubs designated Ryan Freel for assignment, according to a team press release. Freel, 33, put up an OPS of .369 in 14 games for the Cubs.
11:27am: ESPN.com's Bruce Levine reports that the Rockies receive right-hander Alberto Alburquerque, who was pitching in A ball for the Cubs. The 23-year-old has struck out 44 and allowed 40 baserunners in nearly 35 innings pitched this year.
8:41am: The Cubs acquired Jeff Baker from the Rockies, according to Yahoo Sports. It's unclear what the Rockies will receive in exchange for the infielder. Baker, 28, has played in just 12 games this year for Colorado, but he posted a respectable .791 OPS in over 100 games last year. He's played all four corner positions in his five-year career, but he's played mostly at second base.