Jon Heyman of CBS Sports reports that the Giants have agreed to a deal to acquire Jake Peavy from the Red Sox. The Red Sox are rumored to be receiving a pair of minor league pitchers back in the trade. The veteran right-hander is in the midst of a disappointing season, posting a 1-9 record, 4.72 ERA, 1.43 WHIP and 100/46 K/BB ratio through his first 20 starts. A return to the National League should be a nice boost to his fantasy value.

Ken Rosenthal of FOX Sports reports that the Giants are the team in discussions with the Red Sox about acquiring Jake Peavy. Jen Royle of the Boston Herald reported earlier that a National League club was close to acquiring the Boston right-hander, and the destination now appears to be known. With the continued uncertainty on the health of Matt Cain, Peavy would be a nice addition for rotation depth. His fantasy value would also increase with a return to the National League.

According to Jen Royle of the Boston Herald, an unnamed National League team is close to acquiring Jake Peavy from the Red Sox. The only known NL squad rumored to have serious interest in Peavy, the Cardinals, are not believed to be the suitor in this potential deal. While nothing appears imminent, it's a situation worth monitoring. Brandon Workman would likely return to the Red Sox rotation in the event Peavy is dealt.

Jake Peavy was hit hard by the Blue Jays on Tuesday, allowing five runs over six innings in a loss, which brought his record to a disappointing 1-9. Peavy had been throwing the ball better over his last three starts, but the buck stopped with the Blue Jays, who belted two home runs and two doubles, accounting for half of the eight hits surrendered by the right-hander. Peavy also walked three and struck out seven. He now has a 4.72 ERA, a 1.43 WHIP, and a 100/46 K/BB ratio. He'll try to bounce back against the surging Rays on the road on Sunday.

Nick Cafardo of the Boston Globe reports that Jake Peavy "is still on the Cardinals' back burner." Multiple outlets reported earlier this month the Cards' interest in Peavy and it even looked at one point like a deal might get done quickly. At this point, though, it appears he might be a backup plan for St. Louis. Peavy has just a 4.59 ERA this season but has made three straight quality starts.

Jen Royle of the Boston Herald reports that the Angels are a "potential suitor" for Jake Peavy. Royle says that the Halos could be searching for a starter due to Jered Weaver's back issue. It doesn't seem like Weaver will be out long, but the Angels nevertheless would make some sense as a landing spot for the veteran right-hander. Peavy is also reportedly drawing interest from the Cardinals and Braves.

Derrick Goold of the St. Louis Post-Dispatch was told by a Cardinals source that the team is "looking for offense" rather than a pitcher like Jake Peavy. Multiple reports have suggested that the Cardinals are in on Peavy and that a deal could be done quickly, but Goold is hearing otherwise. Goold notes that the Cards have "had an eye on the available pitchers," but "their offensive need is more acute." St. Louis is expecting Joe Kelly (hamstring) to return from the DL Friday and thinks their rotation will be fine, especially if they get Michael Wacha (shoulder) back next month.

Jayson Stark of ESPN.com hears that a deal sending Jake Peavy to the Cardinals could happen "quick." The scenario is picking up steam in a hurry, as Gordon Edes of ESPNBoston.com reported late Monday that the Cardinals scouted Peavy's most recent start and Peter Gammons hears that St. Louis wants him for their rotation. The veteran right-hander hasn't pitched particularly well this season, but he could benefit with a return to the National League. The Cardinals could also use the depth given the injuries to Michael Wacha and Jaime Garcia.

Peter Gammons hears that the Cardinals "want" Red Sox right-hander Jake Peavy. This comes on the heels of a report from Gordon Edes of ESPNBoston.com, who wrote that the Cardinals were scouting Peavy on Sunday. It's not surprising to hear St. Louis come up as a potential destination, as they were interested in the veteran right-hander before the White Sox traded him to the Red Sox last season. Peavy owns a 4.64 ERA this season and is owed about $7 million the rest of the way, so the Cardinals might not have to give up a top prospect to get him.

Gordon Edes of ESPNBoston.com reports that the Cardinals were scouting Jake Peavy on Sunday. They saw him throw a second straight quality start, as Peavy held the Orioles to two runs -- one earned -- over six innings. As Edes notes, the Cards had interest in Peavy at the trade deadline last year before he ended up in Boston. The veteran righty hasn't pitched well this season (4.64 ERA) and is making $14.5 million, so it's doubtful it would take a whole lot to pry him loose.