Update 3:29 ET: MLB Networks Tom Verducci says the third player going to Cleveland is Bryan Price.
Update 3:07 ET: USA Today's Bob Nightengale tweets "Done Deal," but no conformation on the return.
Update 2:45 ET: Mayo updates (via twitter) that Masterson and Hagadone are part of the deal, but the teams are still working to see who will go along with them.
Update 2:41 ET: Jonathan Mayo of MLB.com tweets that Justin Masterson and Nick Hagadone are part of the deal, but no word if that's it.
Update 2:33 ET: Rosenthal and Morosi say neither Clay Buchholz or Daniel Bard is in the deal.
Update 2:22 ET: Ken Rosenthal and John Paul Morosi of FOXSports.com confirm the report that the Red Sox are on the verge of acquiring Victor Martinez. They duo reports that it's a straight up deal between the Sox and Indians, and that no third team is involved. However, still now word on what the Red Sox are giving up.
Update 2:04 ET: Ed Price of AOL FanHouse tweets, that it "looks good" for Victor Martinez to the Red Sox, but still no word on the haul.
Details to follow...