While it was reported earlier Monday that the Texas Rangers were in the mix for Lee, a baseball official told ESPN.com's Jayson Stark that a Lee trade to the Rangers is "not going to happen."
Sources also told ESPNDallas.com that the chances of Lee coming to the Rangers are slim at this point, with one source saying it's "very doubtful."
The source told Olney that the Phillies are looking for a significant package in return. "It's not going to be cheap," the source said.
Lee went to Texas a few weeks before the trade deadline in 2010 and helped the club reach its first World Series. He then signed as a free agent with the Phillies for five years and $120 million. Lee, the American League Cy Young Award winner in 2008, has struggled this season and is 1-6 with a 3.95 ERA.