9:47pm: The Red Sox have announced the one-for-one deal.

10:19am: Jon Heyman of CBS Sports tweets that the agreement is in place, but WEEI.com’s Rob Bradford tweets that the trade is contingent on Middlebrooks passing a physical.

9:56am: The Padres and Red Sox are nearing a trade that would send catcher Ryan Hanigan from San Diego to Boston in exchange for third baseman Will Middlebrooks, reports Yahoo’s Jeff Passan (Twitter link).

The Padres have yet to so much as make their acquisition of Hanigan official, as the three-team deal that will net him and outfielder Wil Myers hasn’t been announced by the clubs. However, that hasn’t stopped them from shopping around one of their newest acquisitions and figuring out the framework for a deal that seemingly helps both parties involved.

Hanigan, 34, is an excellent defensive catcher coming off a season in which he batted just .218/.318/.324 in his first season with the Rays. He’s owed a total of $8MM over the next two seasons (including the $800K buyout on a $3.75MM club option for 2017) and could pair well behind the plate with Christian Vazquez in Boston.

The 26-year-old Middlebrooks was once one of the top prospects in the Red Sox organization, but he’s yet to replicate the .288/.325/.509 batting line he put together in his rookie season of 2012. Since that time, Middlebrooks has dealt with injuries and a rapidly rising strikeout rate, both of which have contributed to a paltry .213/.265/.364 batting line from 2013-14.

Despite those struggles, Middlebrooks still has upside, and he fills a need at third base for the Padres, who can now turn to Derek Norris and Tim Federowicz behind the plate in 2015. The Red Sox were unlikely to find significant playing time for Middlebrooks anyhow after signing both Pablo Sandoval and Hanley Ramirez this offseason. While the return of a defensive-minded catcher is certainly less than Sox fans may have hoped for given past hype surrounding Middlebrooks, the swap does improve and deepen Boston’s roster for 2015.

San Diego can control Middlebrooks through the 2018 season, and he won’t be eligible for arbitration until next offseason.