According to the FoxSports.com Winter Meetings blog...
"The Los Angeles Angels will attempt to take advantage of the breakdown in San Diego's negotiations with the Chicago Cubs over a deal involving Padres ace right-hander Jake Peavy.
According to an Angels' official, the club has already put together a package for the Padres to consider in return for Peavy. It will take more than agreeing on players for a deal to be worked out. Peavy must approve any trade, and he has indicated a desire to stay in the National League.
Going to the Angels would cause a minimum of disruption in Peavy's life. He could commute to Anaheim from his new home in the San Diego area." --Gerry Fraley
Holy crap that was quick! Let's see how Reagins does with this one...