11:35pm: Garza denies being informed he will likely be traded, MLB.com's Carrie Muskat tweets.
3:30pm: The Cubs have informed Matt Garza he will likely be traded after contract talks failed to produce an extenstion, reports Jon Heyman of CBSSports.com. The Rangers and Indians, according to Heyman, are clearly interested in Garza while the Red Sox are waiting upon some clarity on the return of injured starter Clay Buchholz. The Cardinals, meanwhile, are believed to be a stealth player for the fifth-ranked free agent on MLBTR's 2014 Free Agent Power Rankings. Yesterday, we learned the Blue Jays are "front runners" in the Garza trade derby, but Heyman writes there is little to no evidence, at the moment, they are actively involved.
Heyman reports the hangup in the negotiations between Garza and the Cubs is over the average annual value of the deal. Just last night, Garza still pegged the odds of returning to Chicago as 50/50.