Update: It's official!
The Brewers are very close to trading outfielder Gerardo Parra to the Orioles for pitching prospect Zach Davies, reports Tom Haudricourt of the Journal Sentinel. No official announcement has been made yet, but it sounds like that should come shortly, as long as medicals check out.
Parra has been, somewhat surprisingly, one of the very best hitters in baseball this season. Over 100 games, he has batted .328/.369/.517 with nine home runs and has carried the Milwaukee offense at times. That's a bit odd to say because Parra was always a defensive specialist with a middling bat. However, he has broken out in his age-28 season.
The Brewers acquired Parra from the Arizona Diamondbacks at the deadline last season to help out as a fourth outfielder while Ryan Braun and Carlos Gomez dealt with minor injuries. Milwaukee traded away pitcher Anthony Banda and Mitch Haniger.
With Davies coming back to Milwaukee, I think it's fair to say Doug Melvin and the Brewers did very well. Despite Parra being a free agent at the end of the year, the Brewers got a pitcher who has firmly established himself as a solid, almost-ready prospect.
Davies was the sixth-best prospect in the Orioles system before the season started according to Baseball America. John Sickels had him as the seventh-best in their system. Davies is someone who is probably a back-rotation starter as a right-hander who throws in the upper-80s/lower-90s. He's yet another lanky pitcher that the Brewers seem to have a fascination with, standing at 6'0" and 150 pounds.
The 2015 season has been a breakout year for Davies, though, as he has notched a 2.84 ERA and 81 strikeouts over 101 innings pitched. He's not overpowering and doesn't get a ton of strikeouts, but has fair control and is a pretty sure thing to make the majors. Davies was drafted in 2011 and has been pitching in Triple-A this season, so he's moved quickly.
The Brewers are probably done making deals at this point, but never say never. The trade deadline is at 4:00 ET/3:00 CT today.