Gordon Edes from the Globe just reported on NESN that a Manny Ramirez deal has been done but no details are known. More to come.

UPDATE, 4:47 P.M.:
Here is the official lowdown -- as of now:

Red Sox receive:

Jason Bay (from PIT)

Dodgers receive:

Manny Ramirez (from BOS)

Pirates receive:

Craig Hansen (from BOS)
Brandon Moss (from BOS)
Andy LaRoche (from LAD)
Bryan Morris (from LAD)

UPDATE, 4:42 P.M.:
Manny's options for '09 and '10 have been dropped, so he will definitely become a free agent after this season unless the Dodgers decide to sign him early. This from SI.com:

The Red Sox approached Ramirez in advance of their negotiations, and got the OK from Ramirez. He signed off on the paperwork, contingent upon the two $20-million team options for 2009 and '10 being dropped. The move will set the stage for Ramirez to become a free agent this winter.

UPDATE, 4:40 P.M.:
Cafardo reports Craig Hansen and Brandon Moss may be heading to Pittsbu

UPDATE, 4:38 P.M.:
SI.com reports the Pirates will receive four minor league prospects in this trade.

UPDATE, 4:36 P.M.:
Cafardo says Manny doesn't know about the trade yet. Uh oh.

UPDATE, 4:27 P.M.:
Here's the latest: Manny to the Dodgers, Bay to the Red Sox. That's all that is known.

UPDATE, 4:25 P.M.:
Nick Cafardo of the Globe is saying it's more likely Bay is a Red Sox. No other details yet.

UPDATE, 4:23 P.M.:
Jason Bay to the Dodgers? That's the latest from NESN. No doubt it'd have connections with the Sox.