10:28am: The Orioles will receive $500K in the trade, tweets Connolly.
9:00am: Orioles president Andy MacPhail told Ghiroli and other reporters he hopes to finalize the deal today and they're just working out minor details (Twitter link). Connolly tweets that the teams are waiting for approval from the commissioner's office on an exchange of money. Twins GM Bill Smith tells Kelsie Smith to expect an announcement at 11am central time.
7:38am: The deal won't be official until after the Rule 5 draft, tweets MLB.com's Brittany Ghiroli, perhaps because the Orioles' fourth overall pick could be involved.
12:18am: The Orioles and Twins have agreed to the deal, pending medicals, says Scott Miller of CBS Sports. Jacobsen and Hoey will indeed be the pitchers heading to Minnesota.
12:03am: The Orioles could announce a trade for J.J. Hardy as soon as today, reports Dan Connolly of the Baltimore Sun. According to Connolly, the discussed deal would see Minnesota send Hardy and Brendan Harris to the Orioles in exchange for two pitchers, perhaps Brett Jacobson and Jim Hoey.
Baltimore had been engaged in serious talks with the Twins for Hardy earlier at the Winter Meetings, and their desire to finalize a trade likely increased following reports that another trade target, Jason Bartlett, was headed to San Diego. The O's had interest in both shortstops, even when Hardy was considered a non-tender candidate last month.
La Velle Neal III of the Minneapolis Star Tribune confirms that a Hardy deal is imminent, and suggests that it means the Twins may be closing in on an agreement with Tsuyoshi Nishioka.