UPDATE: 4:43 EST: The Red Sox got a second deal done just before the deadline. Ken Rosenthal is reporting Jarrod Saltalamacchia is now a member of the Sox.
UPDATE: 4:40 EST: Chan Ho Park has been designated for assignment to make room for Kerry Wood, according to Pete Caldera.
UPDATE: 4:34 EST: Here is the Yankees lineup for tonight's game, which was first reported by Ben Shpigel: 1. Jeter, 2. Berkman (dh), 3. Teixeira, 4. Rodriguez, 5. Cano, 6. Swisher, 7. Granderson, 8. Cervelli, 9. Gardner
UPDATE 4:23 EST by jscape: Berkman was just on MLB Network, and he said he'll be hitting second tonight. Jeter-Berkman-Tex-Arod-Cano-Swisher-Granderson-Posada-Gardner looks nice against RHP.
UPDATE: 4:14 EST: Yankees favorite Kyle Farnsworth has been traded along with Rick Ankiel to the Braves, according to Danny Knobler. The Red Sox didn't stay completely pat, they traded Ramon Ramirez to the Giants, reports Gordon Edes.
UPDATE: 3:46 EST: PTBNL or cash for Wood. Quick analysis: Wood's numbers look worse than they should. Has a high walk rate (5/9 ip), but not totally out of whack with his norms (4.3/9), but a ridiculously high hit rate (9.5/9), but seems to be suffering from bad luck. Still a good K rate (8.1/9), and a very low LD rate (15%) with a somewhat high .319 BABIP and rather good GB rate (43%, higher than his career norm). He should be due for some regression (in a good way). His stuff is still there: averaging 95 MPH on his fastball.
UPDATE: 3:42 EST: White CC and Juan Miranda are taken off the 25 man roster to make room for Berkman and Kearns, according to Ben Shipgel.
UPDATE: 3:31 EST: Olney has more: the Indians will be eating a lot of Wood's contract. Joel Sherman tweets that the deal is done, pending approval. Wood has about $3.8 million left on this years contract and an $11 million club option for next season, tweets Sherman. Wood is 1-4 with a 6.30 ERA on the season. Wood has 8 saves, 18 strikeouts, and 11 walks on the season. 21 hits allowed in 20 innings for the hard throwing righty, who has appeared in 23 games.
UPDATE 3:23 EST by Travis: Yanks close to getting Kerry Wood, according to Buster Olney.
UPDATE: 2:15 EST: The Red Sox rumors have picked up. Ken Rosenthal has the names of relievers that the Sox are interested in, while Gordon Edes has the names of relievers that the Sox want to trade. Meanwhile, the Dodgers and Cubs have agreed on a deal that sends Ted Lilly and Ryan Theriot to the Dodgers for Blake DeWitt and prospects. Many outlets have reported this. Joel Sherman reports that the Yankees are targeting a utility infielder. Adam Dunn is in the Nationals lineup for tonights game.
UPDATE: 1:34 EST: The Berkman deal is now official, so the Yankees can't be Lee'd by the Astros! Here's the press release for Berkman, and here's the release for Kearns. When we find out who's been demoted, I'll update it.
UPDATE: 1:04 EST by jscape: I'm keeping Brandon's Open Thread at the top of the page, but be sure to take a look at my work on Lance Berkman at Yankee Stadium.
UPDATE: 12:38 EST: Jayson Stark reports that the Cubs and Dodgers are close to a deal that would send Ted Lilly and Ryan Theriot to the Dodgers. Meanwhile, the Ludwick to Padres, Westbrook to Cardinals deal is done according to Bob Nightengale.
UPDATE: 12:30 EST: Jon Heyman says that the Giants are in "serious talks" for either Scott Downs or Jason Frasor. Meanwhile, the market for Manny Ramirez is heating up, Tim Brown of Yahoo tweets.
UPDATE: 11:58 EST: Tom Krasovic reports the Westbrook to Cardinals deal is a three team trade that would send Ryan Ludwick to the Padres.
UPDATE: 11:36 EST: Missed this one yesterday, the Yankees can activate Lance Berkman at 1:30 PM EST, according to Joel Sherman. The Rays acquired Chad Qualls for a player to be named later according to Jon Heyman. The Cardinals are close to a deal for Jake Westbrook, tweets Paul Hoynes.
This will be your open thread for the trade deadline today. Also, I will update this from now until 5:00ish EST with any trades or moves that affect the Yankees. After that you might get an hour of no updates, but then the game thread will go up at the usual time for a 7:00 game.
While I will be updating this frequently, if you want up to the minute news, check out MLB Daily Dish (where I'm an editor!) and the Yankees rumors page at SB Nation New York (where Ed runs the show!)