The Cubs' first priority remains the acquisition of a left-handed hitter; they are considering trades for players such as the Marlins' Jeremy Hermida and free agents such as Milton Bradley, Raul Ibanez and Bobby Abreu.

No deal for Peavy can be completed until the Cubs' new owner is identified; the new owner would need to approve the addition of the four years and $63 million remaining on the pitcher's contract.

The Phillies have emerged as the potential third team in the Peavy discussions, with the Padres targeting Phillies lefty J.A. Happ and Cubs infielder/outfielder Mark DeRosa emerging as a possibility for the Phillies.

The Cubs would need to move right-hander Jason Marquis to clear payroll and roster space for Peavy. Marquis could go to the Padres as part of the deal or to another club in a separate trade.

Florida Marlins News News » Cubs say they're not close on Peavy deal
Cubs say they're not close on Peavy deal
LAS VEGAS - The Cubs maintain that they are "not even close" to a trade for Padres right-hander Jake Peavy and continue to mull a run at free-agent lefty Randy Johnson if the price for Peavy proves too steep. MLB Winter Meetings