The most popular rumor for the Phillies as far as when they may be looking for in the trade market is a right handed outfield bat. The name that could potentially fill that desire that has been the most popular is Astros OF Hunter Pence. There's a lot to like to about Pence. He's above average both at the plate and with the glove. He's under team control until 2014, although he's not cheap. He's 28 and in his primem would provide a needed right hand bat and would be a nice upgrade over Raul Ibanez, whose contract is up after this year.
In fact, ESPN's Matt Meyers named Pence to the Phillies as one of his five NL trades that "should happen."
The Phillies could really use a right-handed bat, particularly in the outfield, to balance out their left-leaning lineup. Pence won't be a free agent for another year and a half, so he wouldn't be a half-season rental. Therefore, the Phils would need to give up their top pitching prospect in order to get him. The Astros are the worst team in baseball and years away from competing. They've already shown a willingness to deal their "name" players, when they moved Oswalt and Lance Berkman at last year's deadline. Pence is good, but not good enough to build the franchise around, and should be moved for a younger, cheaper player.
The top pitching prospect he refers to there is Jarred Cosart. Plus, it's likely that they may also have to include John Mayberry Jr (which they'd have no problem doing if they got Pence) as well as guys like power hitting prospect Domingo Santana, Michael Stutes or other major pitching prospects Brody Colvin or Jesse Biddle. Point is, it would be a heavy price to pay. As The Good Phight pointed out recently, the Phillies have done a few trades with Houston, who is currently run by ex Phils GM Ed Wade, and they've basically paid retail on every occasion. So the Phils will need to pay up if they want Pence.
However, as Taco Pal, who wrote the aforementioned piece also said, is this the time to mortgage your future?