According to Baseball Prospectus' Will Carroll, Xavier Nady and Damaso Marte are on their way.
Xavier Nady and Damaso Marte have been traded to the New York Yankees, per John Perrotto. (Guess that meeting in Tampa went well!) We’ll have updates as soon as possible.This news is still breaking, so I'll have more details as they come in. I'll also offer more analysis later.
Update: Peter Abraham is reporting via his blog that Phil Coke, a pitcher at Double-A Trenton has been pulled from his game. It’s expected, but not confirmed, that he is one of the players headed to Pittsburgh. I’ve also just learned that Ross Ohlendorf and at least one other player, perhaps two, will be the cost of Nady and Marte.