Ken Rosenthal has a column up talking about the possibility that the Rangers could opt to Derek Holland if -- and only if -- the Rangers acquire another starting pitcher first.
The scenario that Rosenthal talks about is the Rangers signing Zack Greinke, and then dealing Mike Olt and Holland to the Arizona Diamondbacks for Justin Upton.
Although Rosenthal doesn't specifically mention this possibility, another scenario to keep in mind is the possibility of Holland going to the Kansas City Royals, who are reportedly open to dealing Eric Hosmer, Alex Gordon, or even Wil Myers if they can get the right starting pitcher back in return.
The Rangers have been rumored to be shopping Holland for years now. Holland was supposedly offered by Texas in its efforts to land Greinke, Cliff Lee, Matt Garza, and Gio Gonzalez in recent years, and if the Rangers can pick up a quality starting pitcher -- be it Greinke, David Price, or someone else -- it wouldn't surprise me if they then looked to flip Holland to fill other holes.