4:45pm: Two White Sox officials tell USA Today's Bob Nightengale that the Sox will pay all of Peavy's contract. That means they'll pay him $56MM by the end of 2012 and maybe more afterwards.
4:12pm: Peavy's agent, Barry Axelrod, told Tom Krasovic that his client accepted the deal because there was no guarantee that the Cubs and Dodgers, Peavy's preferred teams, would have made a move for the righty in the offseason. Axelrod knows Peavy's contract no longer looks like a bargain, so he says he wasn't expecting a deal.
"Frankly I am flabbergasted that the White Sox would want to make this deal with him in his physical condition," Axelrod said.
3:35pm: USA Today's Bob Nightengale, via Twitter, says the White Sox confirmed they just got Peavy. Brock agrees - Peavy approved the trade this time. Peavy is owed $56MM through 2012, or $74MM through 2013 if the Sox exercise his option.
3:29pm: MLB.com's Corey Brock via Twitter: Aaron Poreda's in the deal. Ed Price of AOL Fanhouse has righty Adam Russell in the trade as well. Righty Dexter Carter and southpaw Clayton Richard are also going to San Diego, according to multiple reports.
3:22pm: Not sure what to make of this, but SI's Jon Heyman tweeted that Padres pitcher Jake Peavy was dealt to the White Sox again. Heyman is not sure if Peavy OK'd it. He says the Padres get minor leaguers. Peavy is currently recovering from a torn ankle tendon.