We've known it was coming for quite some time, but at last, the inevitable has arrived:
Now that Ramirez has been placed on waivers, other teams will have 47 business-day hours to place a claim. If Manny goes unclaimed, he'll be free to be traded to anyone on Friday. If Manny does get claimed, the Dodgers and the claiming team will have 48.5 business-day hours to work something out. In the event of a claim, it's considered highly unlikely that the Dodgers would pull Manny back, opting instead to let him go or pull off a trade.
It is expected that the White Sox will have great interest in adding Manny to the team. NL teams, however, have priority on NL players on waivers, so we'll see whether Chicago actually gets a chance to make a move.