11:52pm: The deal is close, a source tells Bruce Levine of ESPNChicago.com, and it includes the Cubs receiving two minor leaguers along with Wood. Rosenthal and Morosi say the trade discussions are in the advanced stages.
9:12pm: The Reds and Cubs are discussing a trade that would involve starter Travis Wood going to Chicago in exchange for reliever Sean Marshall, Major League sources tell Ken Rosenthal and Jon Paul Morosi of FOXSports.com. It's not known whether other players would be included in the potential swap, according to the report.
After acquiring Mat Latos in a trade with the Padres last week, Reds GM Walt Jocketty suggested he'd like to focus on bolstering his bullpen. Cincinnati is without a nominal closer as of now - incumbent Francisco Cordero remains on the free agent market - so perhaps Marshall, who has settled in as an effective late-inning reliever for the Cubs the past couple seasons, could man that role for the Reds.
Wood, meanwhile, is a player Cubs president Theo Epstein liked last season when Epstein was still with the Red Sox, the sources tell FOXSports. In just about one full season of work - 35 starts, 208 innings over two seasons - at the Major League level, Wood has posted 6.99 K/9, 2.85 BB/9 and a tendency to produce fly balls (31.4% GB rate).
Despite being only 24 and under team control for five more years, Wood has perhaps become expendable with the Reds now having six other starters in Latos, Johnny Cueto, Mike Leake, Homer Bailey, Bronson Arroyo and Aroldis Chapman.
Marshall will earn $3.1MM in 2012 and is slated to become a free agent at season's end. He'll turn 30 in August.