It is being reported that the Blue Jays have traded Roy Halladay to the Philadelphia Philies, who have in turn dealt Cliff Lee to the Mairners:

The Phillies are in agreement on a three-team trade with the Mariners and Blue Jays to acquire star pitcher Roy Halladay, SI.com has learned.

Sources say Halladay will agree to a contract extension to complete the deal.

It's likely Cliff Lee would wind up with the Mariners in the deal.

This is what you call a blockbuster. Halladay is out of the American League East now, which is quite nice for us Red Sox fans. However, the AL West gets Cliff Lee who has been pretty filthy the last couple of years, both in the AL and NL. With the Mariners' defense behind him, there is no doubt that Lee will be competing for a Cy Young by the end of the season.

American League, look out for the Mariners.

More details on the trade will hopefully be released soon.