Bob Nightengale of USA Today reports that the Rays will get two minor league players in return.
In 41.2 innings this season for the Rays, Jepsen is 2-5 with a 2.81 ERA and five saves.
The 31-year-old is 15-23 with a 3.80 ERA and 1.35 WHIP over his eight-year career in the MLB. Jepsen was drafted by the Anaheim Angels in the second round of the 2002 amateur draft.
Jepsen is making $3 million in 2015 and is under team control for 2016 via arbitration, which will likely cost nearly $5 million.
- Kayla Lombardo