Updated; Big News: Cubs close to trading Marquis, XM Radio says deal is done, Levine Updates

According to ESPN and the Denver Post the Cubs and Rockies are close to a deal that would send Jason Marquis to the Cubs for reliever Luis Vizcaino. The post reports that the deal is done "in principle" but an announcement is not expected before next week. The Cubs will net a pay roll savings of about $5 million with the deal.
Luis has pitched for the A's, Brewers, White Sox, D'backs, Yankees, and Rockies. Last year he had a 5.28 ERA in 43 games.

Update 8:35 CT: XM Radio says the deal is now done. They are the only source to report that it's a done deal. I'll keep you posted. XM Radio also says that the Cubs will let Rich Hill and Sean Marshall compete for the fifth starter spot. We'll see...

If this deal gets done, Gordan Wittenmyer of the Sun Times says that should create enough payroll for the Cubs to sign Milton Bradley.

More Cubs updates from Bruce Levine:

• The Cubs ownership situation should be resolved sometime in January.
• The Cubs are planning to announce the Marquis trade in the next 3-4 days and the Cubs will save about 5 and a half million.
• The Cubs are planning on using the money to sign Bradley.
• Levine also says that the Cubs could trade DeRosa in about 3-5 days.
• The prospects that the Cubs get in a DeRosa trade would be used in a deal for Peavy.
• Hendry is moving money around so these moves can happen.
• Vizcaino could be traded before he puts on a Cubs uniform.

I don't think all this is going to happen but we'll see. Things are finally heating up again on the hot stove! It seems that about a week after I started this blog things cooled down.

There's lots of questions to be answered. Is the deal really done? Will they add Bradley after they trade Jason? Who will be the 5th starter for the Cubs in 2009? Are the Cubs going to revisit Peavy? Will the Cubs trade DeRosa? Or is Bruce Levine just going crazy?

I'll keep you posted...