1:28pm: Yahoo's Gordon Edes hears the Cubs are serious about Pedro, even though they don't like his demands. "We wouldn't be [watching him] just to waste our time," a Cubs source said.
12:37pm: Bruce Miles of the Daily Herald says Lou Piniella has not discussed Pedro with GM Jim Hendry. Miles adds that the righty's likely too expensive for the Cubs, anyways.
11:13am: Marc Topkin of the St. Petersburg Times reports that the Rays are a long way from completing a deal with Pedro. Andrew Friedman did not comment on the Rays' interest.
10:15am: Joel Sherman of the New York Post reports that the Rays were eyeing Pedro Martinez as a reliever, but cannot meet his salary demands. Sherman says Pedro seeks a "significant amount of money" and the Rays can't afford a pricey addition to their team.
Meanwhile, Gordon Wittenmyer of the Chicago Sun-Times says it's "doubtful" the Cubs have the payroll flexibility to add Pedro, even if he's asking for $5MM prorated. Cubs GM Jim Hendry says he has "a lot of respect" for the three-time Cy Young Award winner. Wittenmyer says an injury to a Cubs starter would add urgency to the team's interest in Pedro.
