The Rockies are close to signing Ramon Hernandez to a two-year deal and trading Chris Iannetta to the Angels, according to Ken Rosenthal of FOX Sports (on Twitter). Tyler Chatwood should be going from the Angels to the Rockies in the deal, according to Troy Renck of the Denver Post (on Twitter). Teams are now examining medicals.
The Rockies' deal with Hernandez will be worth $6.5MM over two years, Rosenthal tweets. Though Hernandez is a Type A free agent, the Rockies won't surrender a draft pick to sign him, since he's a modified free agent under baseball's new collective bargaining agreement. The Reds will obtain a compensatory pick for losing Hernandez, however.
The move should provide the Angels with additional offense behind the plate and round out the team's offense with the kind of high-OBP hitter Dipoto expressed interest in earlier in the offseason. Iannetta posted a .238/.370/.414 line in 2011 and given his career line of .235/.357/.430 the Angels are likely expecting similar production in 2012. Non-tender candidate Jeff Mathis is probably expendable now, whether that means the Angels trade him before Friday's deadline to tender arbitration eligilbe players contracts or cut him loose.
Assuming the deal goes through, it will be Dipoto's first trade as the Angels' GM. It's worth noting that he's making the move with Dan O'Dowd, who was Dipoto's GM at the end of his playing career in Colorado. Dipoto made other significant trades as Arizona's interim GM in the summer of 2010.
The Reds will certainly miss him. A big mistake on their part.