The Palm Beach Post says that Tom Hicks and Jeff Loria are the ones handling this trade.
If true, I have to wonder what happened to Hicks' adamant insistence that Jon Daniels was his general manager? General managers generally negotiate trades, not owners. And Hicks getting more "hands-on" from the player personnel standpoint is not a good sign.
Meanwhile, for non-Rangers-fan perspectives, there's a thread on this proposed deal at Baseball Primer...