The Braves are on the verge of a trade agreement with the Padres for Peavy, according to CBSSports.com, but the Padres have yet to communicate their acceptance of a Braves' offer to Atlanta officials, major-league sources say.

The Cubs also have not heard back from the Padres, sources say. Manager Lou Piniella downplayed his team's pursuit of Peavy on Wednesday, calling it "only talk," but the Cubs remain interested in making a deal.

It is possible that the Padres have decided internally to proceed with the Braves, then finalize the details later Thursday. The teams spoke again on Wednesday, continuing discussions that have lasted for over a month.

The Padres, according to CBSSports.com, will receive shortstop Yunel Escobar, Class A outfielder Gorkys Hernandez, either right-hander Charlie Morton or left-hander Jo-Jo Reyes and either reliever Blaine Boyer or one of two minor-league left-handers, one of whom is Jeff Locke.

Most of those names have been under discussion since the beginning of the talks, and a source with knowledge of the conversations acknowledged that those players would form the approximate framework of a trade.

Peavy must waive his no-trade clause for any deal to be completed, but the Braves were one of five teams on a wish list that he submitted to the Padres at the start of the offseason.