Left-handed pitcher Cliff Lee, reliever Mark Lowe and $2.5 million and cash has been traded by the Seattle Mariners to the Texas Rangers in exchange for Justin Smoak and right-handed pitcher Blake Beavan, right-handed pitcher Josh Lueke and second baseman Matt Lawson from Double-A Frisco.

The deal between the Texas Rangers and the Seattle Mariners was first reported by Joel Sherman of the New York Post. Sherman also first reported a deal between the New York Yankees and the Mariners. Buster Olney of ESPN added the information of the money being exchanged ($2.5 million to help offset the $4 million owed to Lee). Jon Paul Morosi of FOXSports adds that the Mariners will receive Smoak, two pitchers and one position player. Larry Stone of The Seattle Times adds that the three prospects are likely right-handed pitcher Blake Beavan, right-handed pitcher Josh Lueke and second baseman Matt Lawson. T.R. Sullivan of MLB.com says a press conference will be held today at 5pm CST to announce the trade.

Here’s the timeline trail of the events of the Cliff Lee trade:

7/9 14:01: Joel Sherman of The New York Post, “i have learned deal done with #Rangers, Smoak and 3 others for Lee and reliever Mark Lowe #Rangers, #Mariners”

7/9 13:49: Buster Olney of ESPN says, “The Mariners expressed health concerns about the Yankees’ second prospect in the deal, David Adams. They asked for others, and the talks broke down from there.”

7/9 13:36: Ken Rosenthal of FOXSports tweets, “#Reds have spoken “extensively” to M’s about Lee over last 48 hrs, source tells FOXSports.com’s Jon Paul Morosi. #Rangers also in. #MLB”

7/9 13:21: Ed Price of AOL FanHouse tweets, “An official of uninvolved team said that #Rangers now willing to put Justin Smoak in a deal for Cliff Lee. And don’t count out #Reds.”

Jim Bowden of FOXSports tweets, “Texas Rangers have the budget to get Cliff Lee without needing approval from bankruptcy judge….Smoak and Scheppers could get Lee”

Mark Feinsaid of the NY Daily News tweets, “Rangers making a big push for Lee. Source: “There will be a battle royale over this if Texas gets Lee….”"

Feinsand adds, “Source continued: “…Every other team in baseball is supplementing the Rangers right now, so they have no business taking on Lee’s salary.”

“The Yankees are knee deep in this thing now, but there is no done deal.” (Source: Twitter)

Feinsand adds, “Same source: “It sounds like the Mariners want to get Lee traded before tonight’s game whether it’s the Yankees or not.”

7/9 13:10: Joel Sherman of the New York Post tweets, “Hearing #Rangers are working really hard on #Lee now. Tricky because of finances with team sale not complete and MLB-imposed budget”

7/9 12:50: Joel Sherman of the New York Post adds, “To repeat the #Yankees aren’t getting Cliff Lee, #Mariners concerned about David Adams ankle plus apparently another team has jumped in hard”

7/9 12:43: Joel Sherman of the New York Post tweets, “#Mariners backing off #Yankees offer, Post has learned. Does not look like #Yankees are in it.”

Sherman adds, “#Mariners have turned in a different direction and #Yankees do not believe they are in it now”

7/9 11:29: Jon Heyman of Sports Illustrated tweets, “#yanks have offered montero, adams and 3rd prospect. now its up to seattle. i do think theyll agree, eventually. ”

7/9 11:04: Jon Heyman of Sports Illustrated says that the Yankees and Mariners are still discussing David Adams.

Ken Rosenthal of FOXSports says the third piece in the trade looks like Triple-A right-handed pitcher Zach McAllister.

7/9 09:31: Bob Nightengale of USA Today tweets, “Officials involved in Lee trade say that Seattle will get Montero and Adams, as reported by Joel Sherman, along with another prospect.”

7/9 08:43: Joel Sherman of the New York Post adds a few pieces of info:

The Yankees did not ask for a negotiating window because they believe they could outbid anyone for Lee in the offseason.

The Yankees will send at least two prospects to as many as four players (prospects and non-prospects) with Jesus Montero and David Adams the sure things.

The Yankees are giving up great prospects, but Montero and Adams are backed up in the system and New York also have Minor League depth at catcher and second base.

7/9 08:17: Ken Davidoff of Newsday tweets, “#Mariners have told many interested teams that they’re out of the Lee sweepstakes. All signs point to #Yankees completing this deal.”

7/9 08:04: Buster Olney of ESPN tweets, “Heard this: The Yankees told the Mariners overnight that their current offer is their last and best offer for Lee. They expect a yes or no soon, because Lee is scheduled to pitch against them tonight. “There has to be an answer before the game,” says 1 source.”

7/9 08:01: Buster Olney of ESPN tweets, “In the Lee-Yankees trade talks, there has been no discussion of a negotiating window on a contract extension for the pitcher, to this point, and there won’t be.”

Ken Davidoff of Newsday tweets, “Hearing there’s a “snag” in the #Yankees-#Mariners talks for Lee, but could just be hiccup. #Yankees are still hopeful they can finish it.”

7/9 07:41: Buster Olney of ESPN tweets, “Executive involved in Cliff Lee talks: The Yankees-Mariners deal “is just about done.”

Ed Price of AOL FanHouse says the Mariners are now negotiating exclusively with the Yankees.

7/9 03:31: Joel Sherman of the New York Post writes an exclusive report that the New York Yankees were “on the brink obtaining Cliff Lee for a packing that would include top prospects Jesus Montero.”

Last night, Seattle GM Jack Zduriencik told Yankee officials that he wanted to move quick, possibly before the All-Star break.

Buster Olney of ESPN says (via Twitter) that if the deal happens it is likely they will trade Javier Vazquez, but you also cannot count out the Philadelphia Phillies or San Diego Padres. Olney adds that the Phillies could dangle Jayson Werth.

The Minnesota Twins and the Texas Rangers were believed to be the front-runners for Lee, and the Yankees were not believed to be real players in the pursuit of Lee. Now it looks like the Yankees are going hard after the left-handed pitcher. Sherman also adds in his 3 UP article:

Lee is everything the Yanks like in a pitcher. He is a lefty. He has power and control; heck, his 14.83-to-1 strikeout to walk ratio (89-to-six) would be far in a way a record for a pitcher who qualified for the ERA title. And the Yanks firsthand that Lee is imperturbable, since the only two games they lost in the World Series last year were to Lee. Of course, those are items any team would like about Lee.

Sherman believes that Double-A second baseman David Adams also was part of the deal to Seattle.

In a coincidence, Lee is schedule to pitch against the Yankees on Friday night.