Giants acquire Jake Peavy from Red Sox for Edwin Escobar, Heath Hembree

The Giants acquired right-hander Jake Peavy and cash considerations from the Red Sox in exchange for minor league pitchers Heath Hembree and Edwin Escobar, according to reports from Jon Heyman of CBSSports.comand Buster Olney of ESPN.com.

Peavy has been linked to teams like the Cardinals and Brewers this summer, as the Red Sox showed shown a willingness to trade him with their plethora of young arms ready to take over in the rotation. He will join a Giants' rotation that already includes All-Stars Madison Bumgarner and Tim Hudson, as well as Tim Lincecum and Ryan Vogelsong. He'll take over for Yusmeiro Petit, who was filling in for Matt Cain.

Peavy has struggled this season, posting a 1-9 record and 4.72 ERA in 20 games for Boston. Unless he throws 134 innings over the final two months to trigger a player option, Peavy will be a free agent after the season, and will likely benefit from a change of scenery back to a National League ballclub.

Hembree, 25, is a right-hander who was ranked by Baseball America as the Giants' seventh best prospect heading into the season. He has posted a 3.89 ERA and 18 saves in 41 appearances out of the bullpen at Triple-A Fresno this season, and is seen by many as a major-league ready reliever. He made his major league debut last season for San Francisco, throwing 7.2 scoreless innings.

Escobar is the prize of the package for the Red Sox, after being ranked by Baseball America as San Francisco's second-best prospect before the year and the 56th best prospect in all of baseball. The southpaw has struggled this season in 20 starts with Double-A, posting a 3-8 record and 5.11 ERA, but is still viewed as a high-ceiling starter due to good movement on his fastball and ability to throw all of his pitches for strikes.

This report first appeared on SBNation.com.