Although there has been little to no new information regarding the Red Sox and their pursuit of Johan Santana since the winter meetings ended, that should not mean that the deal is not happening.
MLBTR and Nick Cafardo both confirm that the Lester/Crisp/Lowrie/Masterson deal has a good chance of happening. Cafardo states that after New Year the talks will resume with intensified vigor. And that if the Yankmes don't crack and throw in Kennedy in addition to Cabrera and Hughes then Santana will land in Boston. He also says that Theo would be willing to go seven years on Santana and that Beckett would in no way be upset with the deal.
Giving up Leser, Masterson, and Lowrie would certainly hurt, especially Lowrie, but getting the most dominant pitcher in the game over the last three years would leave the Yankees playing for the wild card for the next three years.