The team announced the trade Wednesday. In exchange for Millwood the team gets right handed pitcher Chris Ray and a player to be named later.
In addition, ESPN reports that the Rangers are close to signing free agent pitcher Rich Harden who played for the Chicago Cubs last season. Harden was 9-9 with a 4.09 ERA in 26 games for the Cubs in 2009. The Cubs did not offer Harden salary arbitration, making him a free agent. Harden made $7 million last season in Chicago.
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Millwood went 13-10 with a 3.67 ERA last season. He ranked 8th in the American League in ERA. He was the club's opening day started each of his fourth seasons with the team.
Fox sports.com reports the Rangers will pay approximately $3 million of Millwood's $12 million salary for 2010.
Chris Ray went 0-4 with a 7.27 ERA in 46 relief appearances for Baltimore this past season. The 2009 season was his first full season on the mound since having “Tommy John” ligament transplant surgery on his right elbow on Aug. 16, 2007.