Cliff Lee

ESPN’s Buster Olney tweeted Monday that the Phillies are entertaining offers for pitcher Cliff Lee.

Tweeted Olney: Cliff Lee is in play in trade talks today. Rangers obviously the most logical landing spot, with 3B Mike Olt as possible centerpiece.

According to Olney’s sources, the price will be steep, as the Phillies are looking for a significant package of prospects in return.

Olney also tweeted that the Yankees are not expected to pursue Lee, as they lack the budget space to take on his sizable contract.

The 33-year-old lefty is due $25 million in each of the next three seasons. He is just 1-6 with a respectable 3.95 ERA in 2012.