The Cubs are willing to move Rich Hill, Eric Patterson and a prospect for Carl Crawford.
Hill, a left-hander, was 11-8 with a 3.92 ERA in 32 starts last season for the National League Central Division champs. Patterson is an outfield prospect, who played in just seven games in 2007.
There is also a rumor of a three-way deal involving the Rays, Milwaukee Brewers and New York Yankees.
The Rays have denied a deal being in the works.
Rays Deny Crawford Trade To Cubs Is Imminent