The Rockies have traded catcher Miguel Olivo to the Blue Jays for a player to be named, the Denver Post 's Troy Renck reports (via Twitter ).
The Rockies had a $2.5 million option and expexted to decline it if they didn't work out a trade. Olivo hit .269/.315/.449 with 14 home runs in 2010. Olivo had a hot start, hitting .325/.377/.548 with 11 home runs before the All-Star break and .193/.225/.313 after the break.
The move saves Colorado the $500,000 buyout of his option.
UPDATE: As MLB.com's Jordan Bastain points out (via Twitter ), the Jays have until midnight to pick up Olivo's option, and that's not a given.
UPDATE: Bastain was all over it. As he reports (on Twitter ), the Jays declined the option on Olivo. Olivo is a Type B free agent, so the Blue Jays may have picked up seven picks for the 2011 draft with two Type A (Jason Frasor, Scott Downs) and three Type B (Kevin Gregg, John Buck, Olivo) free agents.
-- C. Trent Rosecrans
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