6:19pm: Kovacevic says that no money is being exchanged in the Sanchez deal, which makes it all the more impressive for the Pirates. Keith Law (Insider) recently ranked the 20-year-old Alderson the 26th-best prospect in all of baseball.
5:51pm: Kovacevic is reporting that the minor leaguer is AA pitcher Tim Alderson. This is an impressive haul for Sanchez–Alderson was ranked the #4 prospect in the Giants' system by Baseball America. What we thought was a salary dump deal has turned into a pretty solid coup for the Pirates.
5:46pm: Henry Schulman at the San Francisco Chronicle is reporting that it's a done deal, Sanchez straight up for a minor-leaguer. Stay tuned for the name.
5:42pm: Instead of making a scheduled flight to Phoenix, Sanchez has apparently been asked to stay at AT&T Park in San Francisco, reports Kovacevic. Looks like we'll find out the details of a deal very soon.
4:52pm: Ken Rosenthal and Jon Paul Morosi of FOX Sports hear that the Pirates are talking to the Giants, Twins and at least one other team about Sanchez, but don't have a deal in place.
4:43pm: Kovacevic reports that the Giants' doctors found no major problems with Sanchez's knee and consider him day-to-day.
3:31pm: Kovacevic hears that the Pirates turned down Sanchez's offer. He proposed a deal that would have paid him $6MM next year, $6.5MM in 2011 and $7.5MM in 2012.
3:17pm: Langosch hears that Sanchez's offer is for $20MM over three years.
Meanwhile, Kovacevic hears that the Pirates have absolutely "no deal" in place, though the Giants and Pirates have the framework for one.
2:46pm: Kovacevic reports that Sanchez made the Pirates a three-year offer.
2:40pm: MLB.com's Jenifer Langosch reports that the Giants and Pirates have a deal in place that would send Sanchez to San Francisco. The Giants will look at the infielder's knee this afternoon before deciding whether to complete the deal, which wouldn't send any major leaguers to Pittsburgh.
However, Kovacevic says no deal is in place.
2:20pm: SI.com's Jon Heyman says the Giants are in serious talks for Sanchez. The teams are discussing John Bowker, Kevin Frandsen and Jesus Guzman.
2:04pm: Joel Sherman of the New York Post hears that the Giants are "definitely getting Freddy Sanchez." The Pirates already traded Jack Wilson today, so they could conceviably lose their entire double play combo in one day.
10:27am: Dejan Kovacevic of the Pittsburgh Post-Gazette hears that the Pirates worked on possible trades involving Freddy Sanchez and Jack Wilson until late last night. The Giants seem to have the greatest chance of acquiring Sanchez since GMs Brian Sabean and Neal Huntington had extensive discussions earlier in the week and may even have set up the framework of a deal.
The Twins are interested in John Grabow and Sanchez, whose knee injury may have slowed down the trade process. Meanwhile, the Red Sox still have interest in Wilson.
And you're not the only one checking out the Pirates rumors. Chuck Finder of the Pittsburgh Post-Gazette reports that Sanchez and Wilson are MLBTR readers. We're glad to have them aboard!