Update 4:00 ET (Brendan Scolari): Rolen has been traded for Edwin Encarnacion and Yonder Alonso. according to Ken Rosenthal and Jon Paul Morosi of FOXSports.com. Seems like a nice haul for the Jays.
Update 4:18 ET (Brendan Scolari): Joel Sherman of the New York Post tweets that Rolen has waived his no trade clause and will become a Red.
Update 4:42 (Brendan Scolari): John Fay of Cinncinnati.com writes that instead of Yonder Alonso the Reds have included minor leaguers Josh Roenicke and Zach Stewart.