UPDATE - Cubs manager Dale Sveum told reporters that no Dempster deal is in place, called it a "fabrication."

#Cubs mgr Sveum says no deal re: Dempster to #Braves. Called it "fabrication"

— Carrie Muskat (@CarrieMuskat) July 23, 2012

4:35 PM EDT - The Braves and Cubs are waiting on approval of the trade from Demptser, according to Bob Nighengale of USA Today:

The #Braves and #Cubs simply waiting for Dempster's approval

— Bob Nightengale (@BNightengale) July 23, 2012

4:08 PM EDT - David Kaplan of CSN Chicago is reporting that the Dempster trade is not official. The veteran right-hander has 10/5 rights, which means he has to approve any trade before it becomes official:

As I reported several minutes ago, deal is not done. Per a great source Cubs have NOT received any approval from Dempster to approve trade.

— David Kaplan (@thekapman) July 23, 2012

3:16 PM EST: Randall Delgado will be heading to Chicago, reports Keith Law of ESPN.

Original Story: The Atlanta Braves will acquire starting pitcher Ryan Dempster from the Chicago Cubs, as Mark Bowman of MLB.com has confirmed. It was previously reported that the two sides were nearing a deal, but now we have confirmation that the veteran is in fact heading south to Atlanta.

Confirmed Ryan Dempster is coming to the Braves.Still trying to confirm details but Delgado could be on the other end of the deal

— Mark Bowman (@mlbbowman) July 23, 2012

It's unclear which Delgado is being brought up by Bowman here, as the Braves have two pitching prospects with that name: 22-year-old Randall Delgado and 23-year-old Dimaster Delgado. The former is considered a significantly better prospect, though, so Cub fans are presumably crossing their fingers that he's the one heading to Chicago.

Given that Bowman isn't even certain that a Delgado is in the deal, we can't really speculate on the return for Chicago yet. But if the Cubs are landing Randall Delgado, who currently has a 4.42 ERA in 17 starts with the Braves this year, then this could be a really nice deal for Theo Epstein and company.