updated 4:46 p.m. ET Dec. 9, 2008

The long-rumored trade of San Diego Padres ace Jake Peavy to the Chicago Cubs won't be completed by the end of the winter meetings on Thursday, according to an online report.

ESPN.com quoted an unnamed major league source as saying the teams "still have a lot of work to do" on the complicated deal, which may also involve the Philadelphia Phillies and Baltimore Orioles.

"There's not going to be an announcement while we're all here. I'm sure of that," the source told ESPN.

Published reports Monday and Tuesday indicated the teams were making progress on a trade but were not close to completing it. In fact, there's no guarantee the deal will take place.

The Padres and Cubs have been discussing a Peavy deal for almost two months. Peavy is owed $63 million over the next four years and has a no-trade clause in his contract. He is willing to waive the no-trade to go to the Cubs.

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