11:29am: Diamondbacks GM Kevin Towers tells Jack Magruder of FOXSportsArizona.com (Twitter link) that he prefers to deal directly with one club, since three- or four-team talks "kind of muddies the waters." He's still exploring all possibilities though. Heyman, following up on his Rangers/Upton report, says the current scenarios involve three or four teams (Twitter link). The Royals may also be in on talks with the D-Backs and Indians, according to ESPN.com's Buster Olney (via Twitter).
11:11am: The Rangers are "working hard" trying to acquire Upton, according to Jon Heyman of CBSSports.com (Twitter link).
10:44am: The Rays, Rangers, Indians, and Diamondbacks have re-opened the four-team trade talks mentioned below, according to Bob Nightengale of USA Today (Twitter link).
9:17am: One executive involved in the Bauer/Cabrera discussions tells Danny Knobler of CBSSports.com (Twitter link) that it has some legs, but is probably a long shot.
7:46am: The D-Backs and Indians have discussed the framework of a deal centering around Cabrera and Trevor Bauer, Anthony Castrovince of MLB.com reports. The sides have been talking about the deal for two weeks, but talks have picked up at the Winter Meetings. There's no indication that a deal is close to completion at this time, however.
7:25am: It wouldn't be the Winter Meetings without talk of potential blockbuster trades, and Ken Rosenthal of FOX Sports reports that the Rays, Rangers, Indians and Diamondbacks have discussed several combinations of three-, four- and even five-team trades.
It all boils down to the fact that the Rangers would like to add Justin Upton and/or James Shields, the Diamondbacks want Asdrubal Cabrera, and the Rays would like to trade a pitcher to improve an offense that ranked 11th in the AL in runs scored and 12th in OPS (and that's before losing B.J. Upton). The Rangers, in all of this, would likely be dishing out prospects to other teams.
Rosenthal is quick to note that while many possibilities have been discussed, it's not necessarily likely that a blockbuster gets completed. The Rangers are splitting their attention between trade talk and the pursuit of Zack Greinke and Josh Hamilton.
Rosenthal writes that so many combinations have been discussed, several team officials he's spoken to aren't even sure which possibilities are still alive and which are dead. If no blockbuster happens, various combinations of these teams are still in negotiations regarding standard two-team exchanges.
The Winter Meetings are often the site for blockbuster trades. Recent examples including 2009's Ian Kennedy-Curtis Granderson-Max Scherzer-Austin Jackson three-team deal and the eight-player trade that sent Miguel Cabrera and Dontrelle Willis to the Tigers in 2007.