ST. PETERSBURG, Fla. -- Jake Peavy, the subject of trade rumors for several weeks, is on his way to the San Francisco Giants in exchange for two minor-league pitching prospects.
The two players coming back to Boston are left-handed starter Edwin Escobar and right-handed reliever Heath Hembree.
The commissioner's office needed to approve the deal because more than $1 million dollars changed hands; that approval came early Saturday afternoon. According to ESPN's Buster Olney, the Red Sox and Giants will split the costs on the remaining $5 million of Peavy's salary for the year, which means the Sox would be sending $2.5 million to San Francisco.
Peavy, 1-9 in 20 starts this season with a 4.72 ERA, has been linked to a number of National League teams in recent weeks, most notably the St. Louis Cardinals. But the Giants, locked in a tight race with the Los Angeles Dodgers in the National League West, emerged as suitors for Peavy after receiving news that starter Matt Cain would be sidelined with an elbow injury.
The deal reunites Peavy with San Francisco manager Bruce Bochy, who managed Peavy for the first five seasons of Peavy's major league career (2002-06) while both were with the San Diego Padres.
This marks the third time Peavy has been traded in the middle of a year. He went from San Diego to the White Sox in 2009, and from Chicago to Boston a year ago Tuesday when the Red Sox obtained him from the White Sox as part of a three-team deal.
Peavy is without a win in his last 15 starts. He's been the victim of poor run support this season; the Sox are averaging only 2.76 runs per game in his starts, the lowest figure for any qualifying starter in the American League
Peavy had been open about the possibility of a deal, having been advised earlier this month by general manager Ben Cherington that a trade was probable.
The Giants intend to have Peavy make his San Francisco debut Sunday against the Dodgers, against whom Peavy is 14-2 with a 2.21 ERA in his career.
The Sox will need a starter here against the Rays on Sunday, when Peavy was due to pitch. The top candidate appears to be Allen Webster, who is due to pitch for Pawtucket Saturday night.
Brandon Workman, who likely will assume Peavy's spot on a more permanent basis, pitched Thursday and wouldn't be available for Sunday.