7/27 18:45: MLB.com says the Phillies remain the top contenders for Oswalt. According to sources, Oswalt would waive his no-trade clause to play in Philadelphia.

“Location doesn’t matter,” he said on Monday.

The report also says that Oswalt may not make the Phillies pick up his $16 million 2012 club option.

7/27 12:58: Jon Heyman of Sports Illustrated tweets, “Phillies and Dodgers appear to be most active pursuers of star Astros pitcher Roy Oswalt. Cardinals and Rangers interested”

7/27 01:10: According to a Major League source close to Ken Rosenthal of FOXSports, the  Texas Rangers revisted their Roy Oswalt discussions with the Houston Astros even after acquiring Cliff Lee.

Yes – you heard it right. The Texas Rangers tried for a one-two punch of Lee and Oswalt.

The source adds that the talks went nowhere and “there is not a match at all.” The players that the Astros were interested in were traded away in the Lee deal.

As always, the big problem with any deal involving the Rangers is their pending bankruptcy case. They will need permission from Major League Baseball, or a judge, to make significant changes to their payroll.