Peavy not heading to Cubs

Dec 11, 2008 - 6:53 PM LAS VEGAS (Ticker) -- Jake Peavy will remain with the San Diego Padres, for now.

Padres general manager Kevin Towers said Thursday that a proposed deal to send Peavy to the Chicago Cubs had fallen through.

Towers indicated that Cubs general manager Jim Hendry was the one who nixed the deal.

"He said he's got other things going on. I respect his position," Towers said.

It's uncertain what the next step is for Towers, who has been trying to trade Peavy this offseason. One option could be that he decided to keep the 2007 National League Cy Young Award winner to head up San Diego's rotation.

There had been rumors circulating that the Padres, Cubs and Phillies were going to make a three-team trade which would have landed Peavy in the Windy City. However, Towers said Wednesday that a fourth team was needed to be involved to make the deal work.

Towers' desire to trade one of baseball's best pitchers is that Peavy will make $11 million in 2009 and has four years and $63 million remaining on his contract.