UPDATE: The Rays will NOT receive a prospect pitcher in the deal.

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UPDATE:

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Rumors from earlier this week found the Colorado Rockies and Tampa Bay Rays were discussing a trade. The two reportedly made a deal on Thursday.

The Rockies are sending Corey Dickerson to the Rays, reports FOX Sports Ken Rosenthal. Reliever Jake McGee (and minor leaguers) will be going to Colorado in exchange for the left-handed hitting outfielder, adds Joel Sherman of the New York Post.

Rosenthal then added the two teams will exchange minor-league pitchers, although it's unknown exactly who.

Earlier this week Rosenthal reported that it was most likely Dickerson would be the outfielder the  Rockies ended up trading after the team signed Gerardo Parra to a three-year deal, which clearly overcrowded the talented unit. Carlos Gonzalez and Charlie Blackmon figure to remain in the equation for Colorado.

To build off of that, Marc Topkin of the Tampa Bay Times said the Rays were involved in talks regarding Dickerson and that McGee was most likely to be the player sent to Colorado if a deal were to get done.

With the move, the Rays reduced their payroll by a large amount. McGee was set to earn $4.8 million in 2016, which is why he was the subject of trade rumors, and Dickerson is expected to make under $1 million as he's pre-arbitration eligible. The 26-year-old endured an injury-shortened season in 2015, but owns a .299/.345/.534 stat line in 265 career games.

The Rays will get four years of Dickerson and will sacrifice two years of McGee.

On the other hand, the Rockies drastically improved their bullpen with the addition of McGee, who maintained a 2.41 ERA and 0.94 WHIP in 39 games (37-1/3 innings) last year (he was also limited as he was coming off minor elbow surgery). The left-hander owns a career 2.77 ERA in six MLB seasons and figures to help improve Colorado's league-worst ERA, especially among their relievers (4.70 ERA).

Stay tuned for more details on this development.