BALTIMORE -- Phase two of Baltimore's rebuilding project appears to be complete, with the Orioles reportedly sending Erik Bedard to the Mariners for a package headlined by center fielder Adam Jones. The news leaked out from Venezuela on Sunday night, complete with word that Jones is heading to Baltimore to undergo a physical examination.

Jones, who had been playing winter ball in Venezuela, apparently told a reporter for Diario Panorama that he has been dealt and that Baltimore is his destination. The Seattle Times obtained the quotes and published them in a blog item, and an MLB.com reporter has since confirmed that Jones is on his way back to the United States.

"I've got to go to Baltimore tomorrow morning and handle things there," Jones reportedly said. "I'm the centerpiece of the deal on the Mariners' side. It's an honor to get traded for such a highly talented pitcher as Bedard."

However, Andy MacPhail, Baltimore's president of baseball operations, told a local reporter something else entirely.

"We do not have an agreement with the Mariners," MacPhail told the Baltimore Sun.

If in fact the deal is done, Bedard, who's under contractual control for two more seasons, joins Miguel Tejada as the second big name dealt by the Orioles this winter. Bedard was the subject of feverish negotiations all winter that involved more than a handful of teams and was seriously coveted by the Reds, Mets and Dodgers.

Any deal would require physical examinations for all the players involved and may not necessarily be finalized until later in the week. Bedard, who has had Tommy John surgery on his pitching elbow in the past and missed last September with an oblique injury, has thrown at least 180 innings and won 13 games in each of the last two seasons.

Jones, who hit .314 with 25 home runs and 84 RBIs for Triple-A Tacoma, was named Seattle's Minor League Player of the Year. That was the second time he's earned the designation in his brief career. Jones, a former first-round Draft pick, made his big league debut before his 21st birthday and has hit .230 in 139 Major League at-bats.

Last week, Seattle general manager Bill Bavasi told reporters that he'd made his best offer and expected a deal to get done. The rest of the package in return seems murky, but Baltimore is known to have interest in southpaw reliever George Sherrill and right-handed pitching prospect Chris Tillman, Seattle's Minor League Pitcher of the Year.

Bedard, who went 13-5 with a 3.16 ERA last year, would immediately solidfy Seattle's rotation. He'd also leave the Orioles without a true ace, but Baltimore has several younger arms capable of earning a back-end slot. The three starters with guaranteed jobs -- Jeremy Guthrie, Adam Loewen and Daniel Cabrera -- have combined for a 55-60 career record.

Once the Bedard issue is finalized, Baltimore will likely turn its attention to trading second baseman Brian Roberts, who has been heavily pursued by the Cubs this winter. The Orioles are planning a complete rebuild to stem the tide of 10 straight losing seasons, a process that may require the team bottoming out this year in order to point toward 2009.