USA Today's Bob Nightengale just tweeted that Michael Young has agreed to be traded to the Philadelphia Phillies, waiving his no-trade clause in exchange for $1.2 million in "benefits."

My guess is the deferred money he's owed under the current contract is no longer being deferred, with it being paid either now or in 2013. He could have asked that it be paid immediately, to avoid the potential higher tax rates coming in 2013.

More as this develops.

UPDATE -- T.R. Sullivan also says that the deal is done.

UPDATE II -- The whole deal appears to be Michael Young and $10 million going to the Phillies in exchange for RHP Josh Lindblom and minor league RHP Lisalberto Bonilla.

This is a deal that makes me happy, because it needed to be done, but it also makes me sad, because Young has been a Ranger for so long. We make fun of him being the "Face of the Franchise," but the reality is that he has been the Face of the Rangers for a decade, and was a very good player for a lot of years.

I would have preferred to see him accept a lesser role and finish out his career in Texas. It wasn't to be, and thus this breakup was necessary.

But it still puts my rational baseball brain and my irrational emotional baseball brain at odds.