(UPDATED AGAIN) Lee to Texas is a Done Deal

(UPDATE: 5:00 PM) From Joel Sherman:

i have learned deal done with Rangers, Smoak and 3 others for Lee and reliever Mark Lowe

I'm pretty disappointed the deal with the Yankees fell through, but at least we don't have to face him tonight.

(UPDATE: 4:15 PM) Here's the latest info from Joel Sherman:

Mariners have turned in a different direction and Yankees do not believe they are in it now (more to come)

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To repeat the Yankees aren't getting Cliff Lee, Mariners concerned about David Adams ankle plus apparently another team has jumped in hard 30 minutes ago via web

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Hearing Rangers are working really hard on Lee now. Tricky because of finances with team sale not complete and MLB-imposed budget

Besides the Rangers, the Reds are also involved.

(UPDATE: 3:06 PM) Via Mark Feinsand:

Cliff Lee is scheduled to pitch for the Mariners against the Yankees Friday night, but according to sources, it’s likely that Lee will be watching the game from the Bombers’ dugout instead.

Sources told the Daily News that a trade of Lee, the premium pitcher available on the market, from the Mariners to the Yankees is “imminent,” and will have to happen before his scheduled start against the Bombers.

(UPDATE: 10:35 AM) Here's the latest from Buster Olney:

Executive involved in Cliff Lee talks: The Yankees-Mariners deal "is just about done."

(UPDATE: 8:51 AM) Jon Heyman has confirmed through sources that Sherman's report was accurate, and Peter Gammons says a third team might be involved and that if that's the case than Javier Vazquez may also be on the move.

(UPDATE: 8:31 AM) According to Buster Olney on Mike and Mike in the Morning, the Mariners are likely shopping around to see if any team can surpass the Yankees offer. Either way, he sees a deal getting done with somebody today because the Mariners want to trade him before his next start, which happens to be tonight against the Yanks. So if nobody can beat the Yanks offer, Lee might be a Yankee tonight............ Wow.

From Joel Sherman:

The Knicks didn’t get LeBron James, but the Yankees were on the brink of obtaining Cliff Lee late last night for a package that would include top prospect Jesus Montero, the Post has learned.

Yankees GM Brian Cashman and Seattle GM Jack Zduriencik have been in constant contact over the last week, but it was only last night that the Seattle GM told Yankee officials he wanted to move quickly, possibly before the All-Star break.

The Yanks were not assured of obtaining Lee since other clubs such as the Mets, Twins and Rangers were in talks. But the Yanks were definitely making the strongest move last night, coming from seeming disinterest into the clear front-runner and last night it seemed they were all but certain to obtain the 31-year-old lefty.

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Yankee management looked at its rotation and had some pause. CC Sabathia was again an ace and Andy Pettitte is pitching as well now as ever. But A.J. Burnett and Javier Vazquez are not fully trustworthy, especially for the playoffs, and Phil Hughes has an innings limit of about 175, and might not be available to start.

Cashman might now be in position to either put Hughes in the bullpen to bolster that shaky area or trade a starter, possibly Vazquez, for a few prospects. It was possible that injured Double-A second baseman David Adams also was part of the deal to Seattle since he is a player the Mariners like a great deal.

Whoa, did not see that coming. I have mixed feelings about giving up Montero for Lee, but you have to believe that this will not just be a rental and the Yankees would lock him up long-term, and a rotation of CC, Lee, Andy, Hughes and A.J. would be absolutely deadly. That's four all stars and A.J. Burnett.

Going back to the Jayson Werth rumors from yesterday, if they do land Lee trading a guy like Vazquez for Werth--if the Phillies would actually do that--makes a lot of sense and ccording to George A. King III, the Yankees are interested. With six starters Javy becomes expendable and the addition of Werth would be a nice boost to the lineup.

Let me be clear, I don't expect the Yankees to get Werth, nor do they need him. I'm just saying that a deal for him would make more sense if the Yanks added Lee first.

Anyway, if anything happens I will update this post, but for now, what are you thoughts on all this?