The Miami Marlins have traded Dominican shortstop Jose Reyes and starting pitchers Mark Buehrle and Josh Johnson to the Toronto Blue Jays, according to a source close to the negotiations.
The trade will reportedly be final once the players involved have passed their required physical examinations.
The source, who requested anonymity, said the Marlins would receive several of the Blue Jays' top prospects in return.
Johnson, who had an up-and-down season in 2012 after suffering a shoulder injury the previous year, was one of baseball's top pitchers in 2010 and had spent his entire career with the Marlins dating back to 2005.
Reyes is still owed $96 million on the six-year contract he signed with the Marlins last winter, while Buehrle signed a four-year, $52 million deal with the club last December.
The Marlins also agreed to a three-year, $27 million deal with closer Heath Bell as part of their spending spree prior to the start of the 2012 season, but they traded him to the Arizona Diamondbacks in October.
What appeared to be a new era of big payrolls for the normally frugal franchise, formerly known as the Florida Marlins, coincided with a move to a new ballpark, the unveiling of new uniforms and the name change.
But the team has changed course once again after a disappointing first season at Marlins Park, in which the club stumbled out of the gate and then - after trading away a first batch of players in July - finished dead last in their division with a 69-93 record.
In addition to unloading their highest paid players, the Marlins last month also fired manager Ozzie Guillen after one season and replaced him with little-known Mike Redmond, whose only previous managerial experience was in the minor leagues.
According to the source, the Marlins may receive Cuban infielders Yunel Escobar and Adeiny Hechavarria in the deal. EFE