More updates as they become available.
UPDATE -- Rosenthal says he's confirmed the deal, and the M's are sending money to the Rangers.
UPDATE -- I'm thinking the Rangers may have been willing to part with Smoak because he's not considered a huge-upside guy, more of a switch-hitting John Olerud (or Lyle Overbay, if you believe his detractors). On the other hand, Adrian Gonzalez was dealt because he wasn't viewed as a huge-upside guy, and we see how that worked out...
UPDATE -- Josh Lueke and Matt Lawson are two of the prospects going, per the FAN. No word yet on the third.
UPDATE -- A couple of reports are saying that Blake Beavan could be the fourth prospect in the deal. If it is Smoak, Beavan, Lueke and Lawson for Cliff Lee, well...that stings. It stings a lot. But you knew the price for Cliff Lee was going to sting. I can live with it.
UPDATE -- Jeff Wilson says that Chris Davis is packing his bags and on his way to Texas.
UPDATE -- T.R. Sullivan says Blake Beavan is in the deal.