According to Joel Sherman of the New York Post, the Rangers have traded 1B Justin Smoak and three other players to the Mariners for LHP Cliff Lee, RHP Mark Lowe and cash.
4:20 p.m. CDT Update: Scout.com's Jason Cole says it's Smoak, RHP Blake Beavan, RHP Josh Lueke and 2B Matt Lawson.
4:25 p.m. CDT Update: ESPN.com's Buster Olney (via Twitter): "Executives with other teams already are upset that the Rangers are going to be able to improve their team while operating on the dollars of other organizations."
4:30 p.m. CDT Update: The Rangers have announced a 5:00 p.m. CDT press conference to announce the trade, which has now been confirmed as done by multiple sources.
4:35 p.m. CDT Update: Bob Nightengale of the USA Today says the deal came together when the Rangers moved to include Justin Smoak in their offer Friday afternoon.
4:40 p.m. CDT Update: Some people turning up here probably want to read my snapshot reaction. Losing Smoak hurts (and I was actually intending to write a post regarding my position on whether the Rangers should deal Smoak or Chris Davis, and what sort of implications that choice could have on both involved organizations), but there's a certain camp out there -- and they have a point, to some extent -- that argues that Smoak will never be all that decent against southpaws, thereby rendering him a platoon player. I'm not sure I wholeheartedly buy into that sentiment, but it's out there, and if you're part of that camp then it softens the blow of losing Smoak.
Beavan, per BBTiA scouting guru Jason Parks, had mid-to-back-rotation upside for the most part, writing this previously: "53 current OFP (overall future potential), 54 future [OFP]. Great control, solid-average to plus FB, but his secondary pitches aren’t major league plus pitches. I still think he becomes a long-man/5th type. Without a major league out pitch, Beavan’s ceiling is very limited." Lueke and Lawson are both of some interest to varying degrees, but aren't key components of this deal. All in all, I can get behind this trade despite the heavy front-end price being paid. More to come.
4:45 p.m. CDT Update: Per Anthony Andro, Lee will start tomorrow night. Please, please, sell that game out.
4:50 p.m. CDT Update: Ken Rosenthal reports that the Yankees are absolutely "livid" at the Mariners, as they believed they had a deal in place, and then Seattle took it to the Rangers, saying that they would accept if the Rangers included Smoak.