7:53pm: Asencio will not be placed on the 40-man roster and will likely be assigned to Triple-A, according to Roch Kubatko of MASNsports (Twitter link). The Orioles' interest in Asencio dates back to last season.
7:36pm: The Orioles have acquired right-hander Jairo Asencio from the Brewers in exchange for a player to be named later or cash considerations, according to Rich Dubroff of CSN Baltimore (on Twitter).
Asencio, 28, split the 2012 season between the Indians and Cubs, pitching to a 4.91 ERA, 6.5 K/9 and 4.2 BB/9 in 40 1/3 innings of relief work. He's been flat-out dominant at the Triple-A level, compiling a 2.52 ERA, 10.2 K/9 and 2.9 BB/9 in 139 1/3 innings, though that's yet to transfer over to the big league level.
Asencio has averaged 92.3 mph on his heater throughout his career and owns a 40.8 percent ground-ball rate. He pitched previously under a false name: Luis Valdez.