While no deal is thought to be imminent, sources have told Rosenthal the Jays could acquire 33-year-old right-hander for a "lesser prospect" with the stipulation that Toronto take on most of Guthrie's roughly $5 million remaining in salary.
Sources believed the prospect being discussed is likely first baseman Mike McDade, 23, a former sixth round pick who is hitting .307/.390/.494 at Double-A New Hampshire.
Guthrie has struggled for the Rockies this season, putting up a 6.91 ERA in 10 starts and striking out only 5.4 batters per nine. The righty's ERA is mostly inflated due to struggles pitching at Coors Field, where he owns a 9.53 ERA. Guthrie owns a 4.33 ERA over nine major league seasons.
Both the Rockies and the Jays are still exploring other trade options, according to Rosenthal's sources.