8:12pm: The Diamondbacks announced that they have acquired shortstop Didi Gregorius, left-handed pitcher Tony Sipp, and first baseman Lars Anderson from the Indians in exchange for right-handed pitchers Trevor Bauer, Matt Albers and Bryan Shaw. The Reds are receiving Shin-Soo Choo and Jason Donald in the swap and are sending Drew Stubbs to Cleveland as well. The Indians will send the Reds approximately $3.5MM to account for the differences in projected salaries between Choo and Stubbs, according to Ken Rosenthal of FOX Sports (via Twitter).

The Reds will use Choo in center field even though he hasn't played there for the Indians since 2009 and has played just ten MLB games at the position in total. The Reds are banking on the 30-year-old's offensive production being able to make up for whatever they might lose defensively. The veteran owns a .289/.381/.465 slash line across eight major league seasons.

Choo, a Scott Boras client, is set to hit the open market after the 2013 season. The Indians have been said to have him available via trade, albeit with a high price tag. The Reds will plug Choo in as the leadoff hitter, a role they have been working hard to fill. The club spoke with the Twins about Ben Revere before he was traded to the Phillies and also had conversations with the Rockies about Dexter Fowler.

Stubbs, 28, struggled at the plate in 2012 as he posted a .213/.277/.333 batting line with 14 home runs in 544 plate appearances. The former eighth-overall pick in the 2006 draft has a .241/.312/.386 across four big league seasons with the Reds.

It was believed that the initial acquisition of Gregorius by the Indians would pave the way for them to deal fellow shortstop Asdrubal Cabrera, but they instead flipped Gregorius and kept Cabrera. The 22-year-old Gregorius won't be arbitration eligible until 2016 and won't see the open market until 2019. The Netherlands native split time between Double-A and Triple-A last season, hitting .265/.324/.393 with seven homers in 561 plate appearances. The 27-year-old Cabrera, meanwhile, is set to earn $6.5MM in 2013 and $10MM in 2014 before hitting free agency. Gregorius entered 2012 as the Reds' sixth-best prospect, according to Baseball America. The publication also had him ranked as the organization’s best defensive infielder and deemed him to have the best throwing arm in the farm system.

Sipp posted a 4.42 ERA with 8.3 K/9 and 3.8 BB/9 in 63 relief appearances last season. The 29-year-old was a fixture in the Indians' bullpen, making 248 relief appearances with Cleveland from 2009-12.

The Indians acquired Anderson at the trade deadline this year from the Red Sox in exchange for Double-A starter Steven Wright. The 25-year-old posted a .250/.353/.396 slash line in 111 games for Triple-A Pawtucket and Triple-A Columbus. Anderson has also played in 30 big league games for the Red Sox across three seasons.

Bauer, 21, was the third overall selection by Arizona in the 2011 Draft out of UCLA. Baseball America had Bauer as the ninth-best prospect in baseball entering 2012. The hurler spent most of 2012 between Double-A Mobile and Triple-A Reno where he had a combined 2.42 ERA with 10.8 K/9 and 4.2 BB/9 in 22 starts. Bauer became the first member of the 2011 draft to appear in the big leagues when he made four starts for the Diamondbacks in July.

Albers, 29, spent 2012 with the Red Sox and D'Backs, posting a 2.39 ERA with 6.6 K/9 and 3.3 BB/9 in 63 relief appearances. For his career, Albers owns a 4.68 ERA with 6.5 K/9 and 4.1 BB/9 across seven big league seasons.

Shaw, 25, spent the bulk of last season in the Arizona bullpen where he had a 3.49 ERA with 6.2 K/9 and 3.6 BB/9 in 64 relief appearances. The right-hander was taken in the second-round of the 2008 draft by the Diamondbacks and has seen time in 97 big league games across the last two seasons.

8:04pm: The portion of the deal involving the Diamondbacks and Indians has not been finalized, according to Steve Gilbert of MLB.com (via Twitter).

7:50pm: The deal sending Shin-Soo Choo to the Reds has been completed, according to Jon Heyman of CBSSports.com (via Twitter). The Reds will also receive Jason Donald in the trade, Heyman confirms (via Twitter).

The three-team deal that was being worked on had hin-Soo Choo and Jason Donald going to the Reds, Didi Gregorius to the Diamondbacks, and Drew Stubbs plus an Arizona pitcher going to the Indians, according to Ken Rosenthal of FOX Sports (via Twitter). Patrick Corbin or Trevor Bauer will likely be the Arizona pitcher going to Cleveland, Rosenthal tweets.

Danny Knobler of CBSSports.com first reported that the Reds were close to acquiring Choo in a deal with the Indians netting them Stubbs and Gregorius. Paul Hoynes of the Plain Dealer reported that the D'Backs were involved, making it a three-team deal. Ken Rosenthal of FOX Sports first reported the framework of the trade.