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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