Report: Angels finalizing trade for Padres closer Huston Street

In this breaking Angels rumors and news update, San Diego Padres closer Huston Street will reportedly be dealt to the Los Angeles Angels per finalization of an agreement between the two teams.

Here's ESPN's Jim Bowden with the breaking news:

According to sources the Padres and Angels are close to finalizing a deal that will send Huston Street to the Halos #ESPN

— JIM BOWDEN (@JimBowdenESPNxm) July 18, 2014

The Angels have already traded for one closer this year, dealing Ernesto Frieri away to the Pittsburgh Pirates for Jason Grilli. However, the Angels have not used Grilli in the closing role, going with Joe Smith instead.

Now, with Street set to anchor the back of the bullpen, the Angels will have a formidable 7-8-9 late-inning punch of Grilli, Smith, and Street heading into the season's second half.

At this time, no exact compensation has been released, but the Padres will likely receive a very solid package in return for the coveted Street.

Street was electric for the Padres in the first half, posting a 1.09 ERA with 34 strikeouts in just 33 innings pitched. The Angels currently hold the second-best record in baseball, sitting just 1.5 games behind the MLB-best Oakland A's in the AL West.

The move for Street could be pay huge dividends for the Halos in their attempt to escape the one-game AL Wild Card playoff by means of a division championship. The Angels' bullpen has been seen as a weakness by many MLB analysts for years now, so adding a stabilizing force like Street might be just what the team needs to take the next step.

For all the latest Angels rumors and news, follow our Los Angeles Angels team page!