8:28pm: Ken Rosenthal and Jon Paul Morosi report (scroll down to 7:50pm) that Billy Beane and the A's first became interested in Taylor last summer when the Phillies tried to acquire Matt Holliday.
6:39pm: Jayson Stark reports on the historic maginitude of this deal as this will be the closest two Cy Young winners have ever come to being traded for each other.
6:35pm: It appears as though one of the last hurdles has been overcome as Todd Zolecki reports that Halladay has passed his physical.
2:54pm: Olney says the option vests if Halladay is close to as durable as he's been for the last two years. Halladay's made 65 starts and thrown 485 innings the last two years; he's as durable as they come.
2:43pm: Yahoo's Tim Brown hears that the Halladay extension runs through 2013 at $20MM per season. A vesting option for another $20MM could prolong the pact by another year. The deal is now pending physicals.
11:56am: Jim Salisbury of CSNPhilly.com reports that the Phillies have agreed to an extension with Halladay.
10:00am: Rosenthal hears there's a chance for a fourth year. It's still under discussion, but it could be guaranteed and it could be a vesting option.
9:42am: A source tells Andy Martino of the Philadelphia Inquirer that the deal is "very unlikely" to be completed today. We could see resolution tomorrow.
9:36am: The Phillies are still working out extension details with Halladay, according to Heyman. The teams may not complete the deal until tomorrow.
9:02am: Halladay will agree to a three-year extension worth $60MM, according to Jon Heyman of SI.com. The deal will include two vesting options, so it could keep Halladay in Philly through 2015.
8:58am: The negotiations are complete, according to ESPN.com's Buster Olney. The deal is in place and Halladay is taking his physical now.
8:15am: By now, you've heard that the Jays, Phillies and Mariners are working towards a blockbuster deal that would send prospects north of the border, one Cy Young Award winner to Seattle and another one to Philadelphia. The trade is "close," but "not done" in the words of Jayson Stark's source. Here's what we know so far:
- The Phillies get Roy Halladay, who will take a physical today, according to Ed Price, and $6MM from the Jays. They also get Phillippe Aumont, Tyson Gillies and Juan Ramirez from the M's. (Ryan Divish of the Tacoma News Tribune confirmed that Ramirez is headed to Philly.)
- Halladay will also agree to a three-year extension that will pay him about $20MM annually through 2013, according to Stark. The extension won't affect his 2010 salary ($15.75MM) and will include a vesting option.
- The Mariners get Cliff Lee from the Phils and they could be getting more.
- The Blue Jays get pitcher Kyle Drabek, outfielder Michael Taylor and catcher Travis D'Arnaud from the Phils.
Stay tuned throughout the day - we'll have all the updates for you.