5:18pm: Sullivan now hears from the Rangers that they aren't going to acquire Lowell.
4:38pm: The Rangers and Red Sox are discussing Mike Lowell again, according to MLB.com's T.R. Sullivan. The Rangers, who are also discussing Jeff Francoeur with the Mets, are "pushing hard" to acquire a right-handed bat by tonight, according to Sullivan, who says Lowell appears to be the Rangers' main target.
The Red Sox placed Lowell on waivers earlier in the month and he presumably cleared. If he had been claimed and the Red Sox had pulled him back, no trade would be possible at this point. About $2.2MM of Lowell's $12MM salary remains. That figure has been an obstacle all season, but the Rangers showed that they have some money to spend when they claimed Manny Ramirez.
As WEEI.com's Alex Speier reports, the Red Sox are not giving up, despite the fact that they traded Manny Delcarmen to the Rockies. Lowell hasn't hit much this season (.234/.309/.373 line), so perhaps the Red Sox believe they have an equally good chance of heating up and re-entering the playoff picture without him. Lowell has a career .841 OPS against lefties, which presumably contributes to the Rangers' interest.