8:33pm: Dipoto tells Mike DiGiovanna of the L.A. Times that the team could exercise one or both options, trade one or both, or decline both options. All scenarios are still in play (Twitter link).

5:50pm: The Angels have explored the possibility of trading Dan Haren and Ervin Santana before Wednesday, the date on which option decisions are due, Jon Heyman of CBSSports.com reports. The Angels are not expected to exercise Haren’s $15.5MM option or Santana’s $13MM option.

A rival executive suggested to Heyman that it could be difficult to trade the pitchers given their disappointing performances in 2012. GM Jerry Dipoto wanted to trade Santana last winter, but owner Arte Moreno wanted to keep him, according to Heyman.

Here's my take: many teams are in need of starting pitching, so it’s possible that a club would look at the options and determine that they’re reasonable. They would be especially appealing to teams that are often spurned by free agents.

Also, a team that acquired Haren or Santana and exercised the option could make the hurler a qualifying offer following the 2013 season, assuming a rebound. That could net any acquiring organization a first-round pick in the 2014 draft.

MLBTR's Steve Adams contributed to this post.