UPDATE 2:15pm ET: The Padres and Diamondbacks have agreed on a deal that will send right-hander Ian Kennedy to San Diego in exchange for left-hander Joe Thatcher, pitching prospect Matt Stites, and a competitive balance pick, reports Jeff Passan of Yahoo Sports.
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Kennedy, 28, has been the subject of discussions between the Friars and D'Backs for a "couple of weeks now," per CBS Sports' Scott Miller. In return for Kennedy, Arizona is hoping in bolster its struggling bullpen, whose 19 blown saves is tied for second-worst in baseball.
The Padres are rumored to be listening on offers for relievers Luke Gregerson and Joe Thatcher, so they definitely have the solid bullpen arms that the D'Backs want. However, AZ is selling very low on Kennedy -- 5.23 earned-run average in 21 starts -- so the likelihood of club netting both Gregerson and Thatcher in a deal seems unlikely.
Nick Piecoro of the Arizona Republic hears that the deal at the moment will "likely" be Thatcher and a prospect for Kennedy. The Los Angeles Angels have also been tied to Kennedy in the last 24 hours, however, so the Padres aren't alone in their pursuit.
Dealt to the D'Backs in a three-team deal with the Yankees and Tigers in 2009, Kennedy seemed like a steal for Arizona after a couple seasons in Phoenix. The right-hander posted a 3.31 ERA and a strikeout-to-walk ratio of almost three in over 400 innings in his first two years with the club, but then the wheels came off the bus.
Over the last two seasons, Kennedy owns a 4.47 ERA and has given up more than a home run per nine in over 330 innings.