7/31 11:27: According to several sources, the prospects involved are Brett Wallach (son of Tim Wallach) and Kyle Smit

7/31 11:14: Tim Brown of Yahoo Sports confirms the deal. He says the Dodgers get LIlly and Theriot for DeWitt, two Minor League pitchers and $2.5 million. (Bob Nightengale of USA Today clarifies that the $2.5 million is from the Cubs to the Dodgers. It was originally going to be $1 million, but was upped to $2.5 million.)

7/31 11:07: Chris DeLuca of the Chicago Sun-Times says the deal is complete. Still awaiting details.

7/31 10:57: The Dodgers are on the verge of acquiring Lilly and Theriot, according to Dylan Hernandez of the Los Angeles Times.

7/31 10:37: According to a source close to Ken Rosenthal of FOXSports says the Dodgers are still trying to make the Lilly/Theriot deal work. Blake DeWitt and one other would go to the Cubs if it happens.

7/31 09:33: The Lilly deal between the Dodgers and Cubs is trending positive. Theriot could still be in play. The deal is not done yet, but the teams are working hard, according to Ken Rosenthal of FOXSports.

7/31 07:43: Jon Heyman of Sports Illustrated says the Dodgers and Cubs are discussing Lilly, but Chicago needs to pay much or all of the  $4 million left on Lilly’s contract.

The Twins, Tigers, Mets and Yankees are unlikely to be going after Lilly.

7/30 22:39: Buster Olney of ESPN tweets, “Heard this: The Dodgers and Cubs are closing in on a Ted Lilly trade.”

Jayson Stark of ESPN tweets, “Update on Buster’s report: Unlikely #Cubs & #Dodgers get a Lilly deal done tonight, but source says moving in “positive” direction. #trades”

7/30 22:32: Ken Rosenthal of FOXSports tweets, “Sources: #Cubs have multiple proposals out on Lilly. #Dodgers in, but still apart on $$$/players.”

7/30 19:50: Jayson Stark of ESPN tweets, “Sources say only real gap separating #Dodgers & #Cubs on Lilly is amount of $ Cubs would take, but could be enough to prevent a deal”

7/30 19:33: Ken Rosenthal of FOXSports says the Dodgers remain active on Lilly. They seem intent on getting Lilly or Maholm.

7/30 16:18: Jon Paul Morosi says the San Diego Padres are not involved in the Ted Lilly bidding.

7/30 12:44: Ken Rosenthal of FOXSports tweets, “#Dodgers more inclined to get just Lilly than both Lilly and Theriot from #Cubs. Also looking at #Pirates‘ [Paul] Maholm, relievers.”

7/30 12:22: Jayson Stark of ESPN says the Detroit Tigers aren’t out on Lilly.

7/30 12:06: Dylan Hernandez of the Los Angeles Times tweets, “Dodgers talking to Cubs about a multi-player deal that would include Lilly and a position player (probably not Theriot).”

7/30 11:08: According to sources close to Scott Miller of CBSSports.com, there may be two deals in play: one involving a package that would send Lilly and Theriot to the Dodgers and one that would involve Lilly alone.

7/30 07:34: What do you if your the Dodgers and you are 7 games back in your division?  You look at making a huge trade.  The Dodgers are talking to the Cubs about a trade for both left-hander Ted Lilly and second baseman Ryan Theriot, according to Ken Rosenthal and Jon Paul Morosi of FOXSports.

It is not known whether a deal is close. The Cubs almost certainly would need to include cash to cover part of the nearly $5 million combined that Lilly and Theriot are owed for the rest of the season.

Lilly is a free agent at the end of the season. Theriot is under club control for two additional years.