According to multiple sources on Twitter, the deal is done. Yovani Gallardo has been informed that he has been traded to Texas. In return, according to Jeff Passan, Texas will send the Brewers Luis Sardinas, Corey Knebel, and Marcos Diplan.
Gallardo figures to slot into the middle of the rotation behind Yu Darvish and Derek Holland, and provides some added stability that Texas didn't have prior to this deal. Since 2009, Gallardo has made 30 or more starts per season.
Overall, this has to figure as a solid, if unspectacular move for Texas. Luis Sardinas was likely a man without a position in Arlington, Corey Knebel was on half of the return for Joakim Soria from Detroit in 2014 -- and had some elbow concerns at the end of the season -- and Diplan is a raw young pitcher that didn't figure to contribute anytime soon in Texas.
Further padding the deal is that, apparently, some cash considerations will be coming to Texas. It's looking like it will be $4 million. According to Jon Morosi on Twitter, Gallardo had a $1 million trade kicker in his contract that upped it to $14 million for the 2015 season. So essentially, the Rangers are getting a year of Gallardo at $10 million. Considering the going rate on the open market for pitching, I'm certainly fine with that.