The outlets, citing unnamed sources, reported the Blue Jays will receive starting pitcher Josh Johnson and Mark Buehrle, shortstop Jose Reyes, infielder/outfielder Emilio Bonifacio and catcher John Buck from the Marlins.
In return, the Marlins will receive shortstops Yunel Escobar and Adeiny Hechavarria, starting pitcher Henderson Alvarez, a catcher (possibly starter J.P. Arencibia) and a pair of minor leaguers, Fox reported.
The move appeared to be salary purge for the Marlins, especially with Reyes, who signed to a $106 million contract with the team two years ago, while Buehrle is due $52 million over three years of his current deal, USA Today said.
The Marlins' moves came after a disappointing 69-93 season -- their first in a new $635 million stadium -- and the firing of Manager Ozzie Guillen.
The Blue Jays, meanwhile, were seeking to upgrade their pitching to compete for an American League East crown in 2013.