1:12pm: The player to be named later the Diamondbacks will receive won't be named until after the season and will not be a targeted prospect but a lower-level minor leaguer, tweets Dan Connolly of the Baltimore Sun.

11:09am: The Orioles have acquired Joe Saunders and cash from the Diamondbacks in exchange for reliever Matt Lindstrom and a player to be named later. Saunders cleared trade waivers earlier in the week, making him eligible to be dealt to any club.

Late last night, we learned that Arizona found a trade partner for the 31-year-old and the O's were said to be the club with the most steady interest in him. Saunders will be owed roughly $1.5MM, the prorated portion of his $6MM salary, between now and the end of the year.

The veteran has a 4.22 ERA with 6.2 K/9 and 2.1 BB/9 in 21 starts for the Diamondbacks this year. For his career, Saunders owns a 4.17 ERA with 5.2 K/9 and 2.8 BB/9 in eight big league seasons for the Angels and Diamondbacks.

Lindstrom, 32, has a 2.72 ERA with 7.4 K/9 and 3.0 BB/9 in 34 appearances this year. The right-hander is earning $3.6MM in 2012 (roughly $748K remaining) with a $4MM club option for next season. Lindstrom's option can be bought out for just $200K. The deal marks the fifth time that Lindstrom has been traded in the last six years.

The O's also announced that Jake Arrieta has been called up from Triple-A.

Jon Heyman of CBSSports.com (via Twitter) first reported that the Orioles acquired Saunders. Roch Kubatko of MASNsports.com (via Twitter) added details.