According to Ken Rosenthal, the Rays are still active in trade discussions, although it's unclear as to which teams they might be engaged with.
Sources: #Rays involved in "many" active trade conversations on both starters and relievers as free-agent pitching market thins out.— Ken Rosenthal (@Ken_Rosenthal) January 12, 2016
Of the Rays starting pitchers, the likeliest one to be traded would seemingly be Jake Odorizzi. He's under control through the 2019 season, and while Tampa Bay would undoubtedly need a quality group of players in order to move him, the package required would be far less expensive than someone like Chris Archer.
The Rays also have significant bullpen depth, and could deal either Brad Boxberger, or Jake McGee, who have been named in trade rumors previously this offseason. While Rosenthal doesn't outright say that the Rays are negotiating with the Cubs and Rockies, he does point out that both teams make considerable sense.
#Rays line up with teams that need pitchers and can offer hitters. #Cubs, #Rockies qualify, among others.— Ken Rosenthal (@Ken_Rosenthal) January 12, 2016
The Cubs have one of the deepest farm systems in baseball, and with Anthony Rizzo, Kris Bryant, Jason Heyward, Ben Zobrist Kyle Schwarber, Jorge Soler, Addison Russell, and Javier Baez all at the major league level, a considerable number of Chicago's prospects are blocked.
While the Rockies are eons behind the Cubs in terms of contending for the playoffs, they have a surplus of outfield talent, and could line up with the Rays in an attempt to acquire some much needed pitching depth.
As of now, nothing seems imminent, but as we've seen multiple times this offseason, transactions and signings can come together without warning.