According to a source, the Rays will get two prospects from the Angels -- pitcher Alexander Torres and third baseman Matthew Sweeney -- and a player to be named later.
Kazmir is 8-7 this season with a 5.92 ERA in 20 starts. He's in the first year of a three-year, $28.5 million deal and is earning $6 million this season. He is scheduled to earn $8 million in 2010 and $12 million in 2011 and has a club option for $13.5 million in 2012 with a $3.5 million buyout.
The Rays want to save the money on Kazmir's contract and could replace him in the rotation with prospect Wade Davis or Andy Sonnanstine.
This move could help the Rays keep All-Star left fielder Carl Crawford, whom they have considered trading, as they try to manage their small budget.
Torres, 21, went 10-3 with a 2.74 in Single-A for Rancho Cucamonga before a midseason promotion to Double-A Arkansas, where he is 3-1 with a 2.77 ERA. In four minor league seasons, Torres has compiled a 23-11 record with a 3.19 ERA, striking out 285 hitters in 279 2/3 innings.
Sweeney, also 21, was hitting .299 with nine homers and 44 RBIs at Rancho Cucamonga. He had a slugging percentage of .517 with an OPS .896 in 211 at-bats for the Angels' high-A affiliate.
MLB.com first reported the impending deal.