UPDATE: Both clubs confirmed the deal on Friday.

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UPDATE: Here's some information on the financials involved in the deal.

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UPDATE: It appears as if this is the final deal:

*The one other player is starting pitcher Jake Thompson.

*Here's the breakdown of each prospect going to Philly:

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The Texas Rangers and Philadelphia Phillies nearly executed a trade for Cole Hamels late in the offseason, but the deal fell through late in the discussions. It was a different story on Wednesday night.

T.R. Sullivan of MLB.com reports Hamels to the Rangers is "in the final stages of going down tonight ... multiple players involved in deal." This was just a few hours after he said the two sides were "nowhere close on what Texas would give up to get Hamels in a trade."

FOX Sports' Jon Morosi then reported the Rangers were sending prospects Nick Williams, Jorge Alfaro and Jerad Eickoff to the Phillies. But that's not all.

Bob Nightengale of USA Today Sports indicated earlier in the day that the Rangers are the most likely to land Hamels after the Detroit Tigers made David Price available.

Neither club has confirmed the deal. We'll be keeping updates on this development.