The Cubs have yet to declare themselves buyers or sellers despite a 37-47 record, but Ken Davidoff of Newsday tweets that the team is starting to get "more serious" about making deals. Davidoff also mentions that the Mets "like the idea" of adding Ted Lilly to their rotation while assuming the $6MM left on his contract in order to give up fewer prospects in a trade.
Lilly is just one of several pieces the Cubs could shop, along with Ryan Theriot, Mike Fontenot, Jeff Baker, Derrek Lee, Kosuke Fukudome, and Xavier Nady. The Giants could have interest in Theriot and Chicago tried to push Fukudome on the Red Sox, but nothing has materialized just yet.
The Mets have expressed interest in adding a quality starter, and Lilly would certainly fit the bill. There is some uncertainty about the team's ability to add payroll however, so whether or not they can actually take on Lilly's salary remains to be seen.