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Rangers trade for Ryan Dempster, shift Roy Oswalt to pen

Chicago Cubs starting pitcher Ryan Dempster pitches during

Chicago Cubs starting pitcher Ryan Dempster pitches during the second inning of a game against the St. Louis Cardinals. (July 20, 2012) Credit: AP

UPDATE 5:18: The Rangers need for Dempster becomes even more apparent now: injured starter Neftali Feliz will miss the rest of the season after it was determined he'll need "Tommy John" ligament replacement surgery. Also, Roy Oswalt will be shifted to the bullpen. Both bits of info reported by Jim Bowden. has also tweeted the Feliz news.

UPDATE 4:21: Evan Grant of the Dallas Morning News tweets that third baseman Christian Villanueva and righty Kyle Hendricks will go to the Cubs in the deal.

UPDATE 4:01: Jon Heyman, Buster Olney and Joel Sherman are tweeting that the Rangers have landed Dempster.

UPDATE 3:58: With just a few minutes left, the Dodgers are out on Dempster, according to Dylan Hernandez of the L.A. Times.

The Yankees have made their first appearance on trade deadline Tuesday.

USA Today's Bob Nightengale reported that the Yankees are engaged in “heavy discussions” with the Cubs for right-handed starter Ryan Dempster. Nightengale notes the Cubs are still talking to the Dodgers and Rangers about Dempster.

Dempster has told's Bruce Levine that he would approve a trade to the Yankees, Dodgers or Rangers. Dempster can veto any trade as a player with 10 years in the majors and five consecutive seasons with one team.

Former Cubs GM Jim Hendry is a special assistant for Yankees GM Brian Cashman, and Yankees pitching coach Larry Rothschild served in that role for the Cubs from 2002-2010. While he was Cubs GM, Hendry signed Dempster to his current contract.

Ken Rosenthal reported on MLB Network that the Yankees contacted the Cubs and are hoping to act as a “safety net” should Chicago's dealings with the Dodgers fall through. Los Angeles has been reported for some time to be Dempster's preferred destination.

Dempster, 35, is 5-5 with a 2.25 ERA in 2012. He's earning $14 million this year and is eligible for free agency after the season.

He's a National League lifer, having pitched for the Reds, Marlins and Cubs during his 15 seasons in the majors. For his career, Dempster is 117-121 with a 4.31 ERA. He's pitched at least 200 innings each of his previous four seasons. Dempster served as a reliever from 2004-07, compiling 87 saves.

No names have been exchanged between the Cubs and Yankees, Rosenthal said.

Dempster is scheduled to start for the Cubs tonight.

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