Putting the pieces of the story together, this morning Ken Rosenthal reported that the Indians and Rockies were talking about Rafael Betancourt in his article confirming the Jhoulys Chacin call-up. Rumors about a pending deal have been heating throughout the afternoon, and Ed Price at AOL FanHouse has a source that says it's done. Now we're getting more substantial word that the Indians will likely be announcing the trade in a press conference this afternoon. Still no word on who the Rockies will be sending to Cleveland, but we will update this post as more comes out.

UPDATE: According to the comments, a Cleveland news station is reporting that the Rockies will be sending RHP Connor Graham to the Indians to complete the trade.

Quick analysis: It's a good exchange, Graham's got some upside that could make him better than a reliever down the road, but the more likely scenario would have him working out of the bullpen as a late inning power arm, which is exactly what Betancourt is.

UPDATE 2:The Denver Post confirms Betancourt for Graham

Check how Indians fans are reacting at Let's Go Tribe