However, Cantu is still playing in the Marlins' game right now, and as he hasn't been pulled, it apparently isn't official.
I'm guessing the details are being finalized and the deal is consummated later tonight.
Cantu isn't anything special, a righthanded hitter who can come off the bench for the Rangers, and who could step in and play first base regularly if Chris Davis and Mitch Moreland can't do it.
Reed is a righty relief prospect who was a third round pick in 2007, and who has put himself back on the map with a soild season this year. He's someone who could be a major league reliever, potentially, but who is the type of arm the Rangers have coming out the wazoo, and thus can afford to part with.
Poveda has spent the year on the disabled list after undergoing Tommy John surgery. He's a pitchability righthander with a good changeup, but questions about whether his stuff will play at the upper levels.
Decent deal for both sides, if this does in fact go through. The Rangers got a decent role player they desperately needed, and gave up two fringier type prospects who likely didn't figure in their long-term plans.
UPDATE -- Cantu has been pulled from the Florida game.
UPDATE II -- Per Jeff Wilson, Brandon McCarthy has been recalled and put on the 60 day disabled list to make room for Cantu.