The Phillies will get minor league pitcher Joely Rodriguez in return, according to Matt Gelb of the Philadelphia Inquirer.
The 29-year-old Bastardo had a 5-7 record with a 3.94 ERA in 2014. He had 81 strikeouts in 64 innings, walking 34 batters and giving up four home runs.
Bastardo, a native of the Dominican Republic, signed with the Phillies in 2005 and made his debut with them in 2009. He has a career 3.72 ERA in 259 innings.
Rodriguez, 23, was 6-11 with a 4.84 ERA in 30 games at Double-A Altoona last season.
- Molly Geary