6:05pm: After a little confusion, the deal is now official, according to a press release. The Phils add an ace and a right-handed bat, and the Indians receive four top rebuilding pieces. Ed Price at AOL Fanhouse says that Donald, Marson and Carrasco will all report to AAA Columbus and Knapp to A Lake County.
1:18pm: MLB.com's Anthony Castrovince says Lee and Francisco haven't been told anything official yet, but they've read the reports.
12:59pm: Rosenthal reports that the deal would not include any cash. He calls the trade, which isn't yet official, a "coup" for both sides.
12:42pm: Ken Rosenthal and Jon Paul Morosi report that the sides have agreed to a deal that sends Cliff Lee and Ben Francisco to Philly for Jason Knapp, Carlos Carrasco, Jason Donald and Lou Marson. The teams still have to examine medical records for the deal to go through.
12:38pm: MLB.com's Todd Zolecki hears that Ben Francisco would also come to Philly in the possible deal. He'd fit the team's need for a right-handed hitting outfielder.
12:29pm: Joel Sherman of the New York Post hears that the two sides are "very close" to completing a deal.
12:03pm: Gordon Edes and Tim Brown of Yahoo report that the Phillies appear to be "on the verge" of acquiring Cliff Lee from the Indians for Carrasco, Knapp and at least two of Donald, Marson and Michael Taylor.
Ken Rosenthal says the clubs are in discussions for Lee "and possibly another player." Knapp, Carrasco, Donald, and Marson would be involved. He wonders if the Indians might send some cash to secure a better prospect package.
11:36am: Rob Maaddi of the AP (via the Miami Herald) hears that the Phils offered the Indians a package of players for Lee, but didn't include Kyle Drabek in the proposal.
11:09am: Rosenthal and Morosi report that the Phillies are discussing a trade for Cliff Lee and possibly another player that would send Knapp, Carrasco, Jason Donald and Lou Marson to Cleveland.
10:54am: ESPN.com's Buster Olney hears that the Phils may try to acquire George Sherrill If they can't trade for Halladay or Lee.
10:52am: Ken Rosenthal and Jon Paul Morosi of FOX Sports report that Jason Knapp is the centerpiece of the Phillies' offer for Lee. The Phils, who are also involved in talks for Jarrod Washburn, would also deal other pieces to the Indians.
FOX also reports that the Dodgers were planning on making a "hard push" for Lee today.
10:34am: ESPN.com's Jayson Stark notes that three Indians scouts were in Lehigh Valley to watch the Phillies' Triple A team this morning. As we noted earlier, Carlos Carrasco was scratched from today's start and Stark says it was without explanation. Stark hears from a source close to the Indians who denies that the team is close to making a major move.
The Phillies and Indians have been involved in discussions, but haven't yet exchanged medical reports on players. One possible package would send Carrasco, a top position player, Jason Knapp and Trevor May to the Indians for Lee. The Phils tell other teams they believe they can deal for Lee without giving up Kyle Drabek or Dominic Brown.
