According to reports from the Chicago Sun-Times and XM Radio, citing a report in the San Diego Union-Tribune as the source, the Cubs have pulled out of the proposed trade for Jake Peavy. Kevin Towers apparently told the Union-Tribune that the deal has collapsed and the Cubs are moving on.
According to a report from MLB.com, one option is for the Padres to pull Jake Peavy off the block and open the 2009 season with him in their rotation.
Will update when more information becomes available….