Update 4:32 ET: Peavy has been traded for Clayton Richard, Aaron Poreda, Dexter Carter, and Adam Russell according to Ed Price of AOL Fanhouse.
Update 4:47 ET: Ken Rosenthal and Jon Paul Morosi of FOXSports.com report that Peavy has approved the trade and will join the White Sox. Peavy's agent Barry Axelrod said:
"I think Jake just got to the breaking point. One team wanted him bad enough, and the other team wanted to get rid of him."