4:08pm: Putting the nail in the coffin on this one...Phillies GM Ruben Amaro Jr. labeled the Upton-Lee rumor false, tweets Jim Salisbury of CSNPhilly.com.
3:56pm: Sources tell both Jeff Passan of Yahoo! Sports and Nick Piecoro of the Arizona Republic that the D-Backs and Phillies aren't actively discussing an Upton/Lee deal (Twitter links). The report is "off base," a D-Backs source tells Piecoro.
3:49pm: The Diamondbacks and Philles are discussing a trade that would send Justin Upton to Philadelphia and Cliff Lee to Arizona, according to Pedro Gomez of ESPN.com (via Twitter). The proposed deal would also include cash heading to the D-Backs, says Gomez.
Due $25MM in each of the next three seasons, along with a $12.5MM buyout on a $27.5MM vesting option for 2016, Lee is on the books for significantly more money than Upton, so there would need to be more parts involved to make it worthwhile for Arizona. According to Jeff Passan of Yahoo! Sports (Twitter link), the D-Backs all exploring all sorts of three- or four-way trades in an effort to get a shortstop, meaning a deal built around Upton and Lee could be "just the start."