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Rockies close to signing Ramon Hernandez, trade Chris Iannetta to the Angels for Tyler Chatwood

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CINCINNATI, OH - SEPTEMBER 14:  Ramon Hernandez #55 of the Cincinnati Reds hits a home run against the Chicago Cubs at Great American Ball Park on September 14, 2011 in Cincinnati, Ohio.  (Photo by Andy Lyons/Getty Images)
CINCINNATI, OH - SEPTEMBER 14: Ramon Hernandez #55 of the Cincinnati Reds hits a home run against the Chicago Cubs at Great American Ball Park on September 14, 2011 in Cincinnati, Ohio. (Photo by Andy Lyons/Getty Images)
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Ken Rosenthal on Twitter first reported this:

Source: #Rockies close to signing R. Hernandez to two-year deal, sending Iannetta to the Angels. Teams checking medicals. #MLB

and we have further confirmation from Troy Renck:

Confirmation that Hernandez coming to Rockies... Chatwood should be coming back from Angels.

Apparently we're just awaiting the fine print and last okay.

UPDATE:

Ken Rosenthal is reporting that the Hernandez deal is for 2 years, $6.5 million (see below.) Iannetta would have cost a bit more if the Rockies were to keep him for two seasons. They get a similar catcher plus a rotation arm for about the same cost in salary.

UPDATE 2:

The Rockies official Twitter confirms that the Iannetta for Chatwood trade is complete.

UPDATE 3:

The Rockies have agreed to a $6,250,000 two year deal with Ramon Hernandez pending a physical according Rafael Rojas