There were rumblings Monday that the Texas Rangers were in the mix to acquire Lee before Tuesday's 4 p.m. ET non-waiver trade deadline.
A source told ESPN The Magazine's Buster Olney that the Phillies were looking for a significant package in return for Lee.
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.