UPDATE (2:50 P.M. ET): It’s official, with both teams announcing the trade Monday.

The Red Sox acquired right-handed pitcher Quinn Priester from the Pirates in exchange for infield/outfield prospect Nick Yorke.

Boston optioned Priester to Triple-A Worcester.

ORIGINAL STORY: The Boston Red Sox and Pittsburgh Pirates reportedly tapped into their organizational depth Monday — one day before the MLB trade deadline — to address their respective needs.

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Sources told ESPN’s Jeff Passan the Red Sox and Pirates were finalizing a trade that would send pitcher Quinn Priester to Boston in exchange for infield/outfield prospect Nick Yorke.

A source confirmed to The Athletic’s Jen McCaffrey that such a deal was close.

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Priester, a first-round pick (18th overall) in 2019, has struggled in the majors over the last two seasons but gives the Red Sox a high-upside arm. He was widely considered a top-100 prospect before the 2022 and 2023 campaigns, so perhaps working with Andrew Bailey and company in Boston can send the 23-year-old right-hander down a successful path.

Yorke, a first-round pick (17th overall) in 2020, has yet to make his major league debut but could do so in short order with Pittsburgh. The 22-year-old started the season with Double-A Portland and since moved up to Triple-A Worcester, where he performed well, seemingly boosting his stock, which fluctuated a bit over the past few years.

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This trade makes sense for both sides, with the potential to pay dividends now and in the future. Boston (55-49) entered Monday one game behind the Kansas City Royals (57-49) for the American League’s third wild-card spot. Pittsburgh (53-52) sat two games back of the New York Mets (55-50) for the National League’s third wild-card spot.

The Red Sox added a talented, young pitcher who could benefit from a change of scenery. Priester owns a 6.46 ERA in 94 2/3 career MLB innings, along with middling strikeout and walk rates, but his prospect pedigree and minor league track record suggest the potential for improved performance in the right situation. Plus, he has experience as both a starter and a reliever. He’s under club control through 2030.

The Pirates, meanwhile, could call upon Yorke to help overcome the loss of second baseman Nick Gonzales, who just landed on the injured list with a groin injury. Yorke has spent most of his time at the keystone since being drafted by Boston, but he began working in the outfield this season, as well, adding a little extra versatility to his profile.

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