According to Foxsports.com, the Blue Jays and Cardinals are closing in on a deal that would see the teams swapping third basemen.
According to the report, both players have agreed to waive their no-trade clauses and both would have to pass a physical before the deal could be completed.
The Blue Jays could also get money back from the Cardinals in the deal to help bridge the difference in the contracts. Rolen has three-years and $33 million left on his deal, while Glaus' deal is $24 million over the next two - including an $11.25 million option for the 2009 season.
The 32-year old Rolen has been in a public feud with manager Tony La Russa who benched him in the 2006 playoffs because of Rolen's injured shoulder. Most recently, La Russa accused Rolen of being the only Cardinals player who didn't want La Russa to return as manager.
Rolen, hit .265 in 112 games last season with 8 home runs but went on the disabled list on August 31, 2007. In mid-September, he had shoulder surgery.
The 31-year old Glaus hit .262 with 20 home runs in 2007. Glaus played in 115 games, and a deal to St. Louis could help Glaus' knee/foot issues as the Cardinals play on natural grass.