Updated 12:12 PST:  Ken Rosenthal of Sports Illustrated Tweets that the Rangers will pay $3M of Millwood’s $12M salary in deal with O’s.

According to the Baltimore Sun, the Baltimore Orioles have a tentative agreement with the Rangers to acquire starting pitcher Kevin Millwood for pitcher Chris Ray and an undisclosed amount of cash.  This rumor surfaced early on Monday and should be completed by the end of today.  The Mets were also in the running for Millwood.  Here’s how the trade breaks down:

Team	Acquires
Orioles	RHP Kevin Millwood
Rangers	RHP Chris Ray Cash

Ray was 0-4 with a 7.27 ERA in 43 1/3 innings with the Orioles in 2009 while pulling in a $850,000 salary.  Millwood, a Scott Boras client, was 13-10 in 31 games with a 3.67 ERA over 198 2/3 innings with the Rangers in 2009.  Millwood had a salary of $11 million in 2009 and has a base salary of $12 million in 2010.