1:53pm: The deal is done, tweets Rosenthal. Piecing this together, it appears the Astros send Oswalt and $11MM to the Phillies for Happ, Gose, and Villar, with the Phils potentially adding $1MM to Oswalt's buyout but not exercising his option.
1:44pm: Rosenthal tweets that Oswalt's option is actually a mutual one. With the trade, his buyout will increase from $1MM to $2MM if the Phillies pick up the option and he declines, and remain at $2MM "if he simply opts out on his own." Rosenthal adds that the third player in the deal will be shortstop prospect Jonathan Villar. Some sources spell it "Villan," including the Baseball America Handbook.
1:34pm: Oswalt has accepted the deal, tweets Matt Gelb of the Philadelphia Inquirer.
12:51pm: Gose and Happ are definitely in the deal, tweets CSN Philly's Jim Salisbury.
12:12pm: Oswalt plans to OK the deal, but it's not official yet, reports Stark. He adds that the Astros will be sending $11MM. Rosenthal tweets that Oswalt's 2012 option will not be exercised; he'll be compensated some other way. ESPN's Amy K. Nelson tweets that Oswalt will get $1MM added by the Phillies to the buyout of his '12 option. She adds that the details are being worked out now regarding Oswalt retaining his no-trade clause.
10:43am: Rosenthal tweets that he hears Singleton is not in the deal.
9:04am: The Astros will receive three players for Oswalt, tweets Rosenthal, while also paying a "very significant" part of his salary. Happ will be one of the three. Astros owner Drayton McLane has been negotiating directly with Phillies president David Montgomery, reports CBS' Danny Knobler.
7:37am: SI's Jon Heyman hears the Astros and Phillies were discussing Happ, righty Vance Worley, and two younger pitchers (Twitter link). Worley, a 22-year-old righty, spent most of 2010 at Double A, posting a 3.20 ERA, 6.6 K/9, and 2.9 BB/9. Baseball America ranked him 18th among Phillies prospects heading into the season, predicting a future as a back-end starter or middle reliever.
1:08am: The Astros and Phillies have reached an agreement on a Roy Oswalt trade, reports Mark Berman of FOX 26 in Houston. Berman says the Astros are now waiting for Oswalt's approval, having hammered out the players and money with the Phils. Wednesday morning, Ken Rosenthal of FOX Sports had reported that the players were "pretty much agreed on." Lefty J.A. Happ has been a rumored part of the deal for a while now.
Oswalt's contract has $5.46MM left from his $15MM salary this year, $16MM in 2011, and a 2012 option for $16MM with a $2MM buyout. It remains to be seen how the Astros and Phillies settled the financials and whether the Phils will pick up Oswalt's option, though SI's Jon Heyman hears that the Astros are sending a lot of money to the Phillies (Twitter link).