8:28pm: Ken Rosenthal and Jon Paul Morosi report (scroll down to 7:50pm) that Billy Beane and the A's first became interested in Taylor last summer when the Phillies tried to acquire Matt Holliday.
6:39pm: Jayson Stark reports on the historic maginitude of this deal as this will be the closest two Cy Young winners have ever come to being traded for each other.
6:35pm: It appears as though one of the last hurdles has been overcome as Todd Zolecki reports that Halladay has passed his physical.
2:54pm: Olney says the option vests if Halladay is close to as durable as he's been for the last two years. Halladay's made 65 starts and thrown 485 innings the last two years; he's as durable as they come.
2:43pm: Yahoo's Tim Brown hears that the Halladay extension runs through 2013 at $20MM per season. A vesting option for another $20MM could prolong the pact by another year. The deal is now pending physicals.
11:56am: Jim Salisbury of CSNPhilly.com reports that the Phillies have agreed to an extension with Halladay.
10:00am: Rosenthal hears there's a chance for a fourth year. It's still under discussion, but it could be guaranteed and it could be a vesting option.
9:42am: A source tells Andy Martino of the Philadelphia Inquirer that the deal is "very unlikely" to be completed today. We could see resolution tomorrow.
9:36am: The Phillies are still working out extension details with Halladay, according to Heyman. The teams may not complete the deal until tomorrow.
9:02am: Halladay will agree to a three-year extension worth $60MM, according to Jon Heyman of SI.com. The deal will include two vesting options, so it could keep Halladay in Philly through 2015.
