UPDATE 5:13 PM EST: The Dodgers will pick up $2.9 million of Blanton's remaining salary, reports Jon Heyman of CBS Sports.

Original Story: While we patiently wait for news on Cliff Lee's waiver status, the Philadelphia Phillies have traded right-handed starting pitcher Joe Blanton to the Los Angeles Dodgers in exchange for future considerations, Major League Baseball has announced. The Dodgers were awarded the waiver claim on Blanton, which allowed the two teams to work out a trade.

BREAKING: @dodgers acquire RHP Joe Blanton from @phillies in exchange for a player to be named later or cash.

— MLB (@MLB) August 3, 2012

The Phillies and Orioles were discussing a deal that would have sent Blanton to Baltimore, but the teams were unable to agree to a deal before the non-waiver trade deadline. The Dodgers were unwilling to part with any of their top prospects, so I can't imagine them doing so in this deal. I'd also assume past dialogue helped strike a deal between the two sides.

Blanton is owed the remainder of his $8.5 million this season and will be a free-agent at season's end. While he has posted a 4.59 ERA across 133 innings of work, the 31-year-old is sporting a career-best 6.39 strikeout-to-walk ratio.