12:22 p.m. ET: The Rockies have officially announced the deal. It's Slowey for a player to be named later.
11:05 a.m. ET: The Colorado Rockies have been searching for additional pitching depth for a while, and Thomas Harding of MLB.com is reporting that they've acquired Kevin Slowey from the Minnesota Twins in exchange for a player to be named later. This doesn't exactly solve all of the team's rotation problems, but it does give them another solid option to play around with.
Slowey, 27, has spent his entire career with Minnesota. He's made 100 appearances, including 90 starts, in a Twins uniform, posting a 4.66 ERA. His 4.19 career FIP indicates that he's pitched a bit better than you'd assume from the ERA, but it's worth noting that he's an extreme fly ball pitcher and that could potentially lead to some problems in Coors Field.
Last season, Slowey posted a 6.67 ERA over 59 innings with the Twins, posting his usual strong K/BB ratio as well as the large number of home runs allowed. MLBTR projects him to make roughly $2.7 million through arbitration in 2012, which makes him a bit of a non-tender candidate.