Jon Heyman and Ken Rosenthal are both reporting that the Indians will trade catcher/first baseman Victor Martinez to the Red Sox. What the Red Sox will give up is uncertain at this point, but rumors are that pitcher Clay Buchholz is not involved in the deal.
The addition of Martinez will allow Boston to rest Mike Lowell and his surgically repaired hip while moving Kevin Youkilis to the hot corner while V-Mart plays first. Martinez could also relieve Jason Varitek behind the plate and could DH on days David Ortiz needs a rest.
Early rumors had Boston and Cleveland trying to bring a third team into the mix, mostly because the Red Sox recently acquired first baseman Adam LaRoche and he now wouldn't be needed. The Red Sox will now probably try to make a separate deal to rid themselves of LaRoche.
Update, 2:43pm: MLB.com's Jonathan Mayo is reporting that pitchers Nick Hagadone, Bryan Price and Justin Masterson will be headed to Cleveland in exchange for Victor Martinez.
Update, 3:30pm: Jon Heyman just said the deal is confirmed and finished.