The two players passed their physical exams Monday, ESPN The Magazine's Buster Olney reported, and the deal will be finalized upon completion of the final paperwork.
According to a source with knowledge of the trade, the Cardinals only signed off on the deal after Glaus agreed to exercise his $11.25 million option for 2009. St. Louis management didn't want to give up three years of Rolen for only one year of Glaus, so Glaus had to commit to the option year as part of the deal.
Both players were also required to waive no-trade clauses.
A source told ESPN.com's Jayson Stark that Toronto will be responsible for the three years and $33 million left on Rolen's contract, while St. Louis will assume the $24.5 million owed Glaus through 2009. Since no cash is involved in the trade, it appears that no approval from commissioner Bud Selig's office is required.
Rolen, 32, is a career .283 hitter and seven-time Gold Glove winner with Philadelphia and St. Louis. Only Brooks Robinson, with 16 Gold Gloves, and Mike Schmidt, with 10, have won the award more often at third base.
Rolen has struggled with shoulder problems the last two seasons, and had a well-publicized falling out with manager Tony La Russa that set trade talks in motion.
Glaus, 31, has 277 career homers in 10 seasons with the Los Angeles Angels, Arizona Diamondbacks and Blue Jays. He hit 20 homers and drove in 62 runs in 115 games with Toronto last season before undergoing surgery in September to repair a nerve problem in his left foot.
The trade was first reported by foxsports.com.
Jerry Crasnick is a senior baseball writer for ESPN.com.