It's been confirmed by the Padres and Ken Rosenthal, and really, who doesn't trust Ken Rosenthal? Per Dan Connolly it's for a starter and includes money going to the Padres, and it's just pending league approval.
That's all we know for now.
Update (5:45 PM): Dan Connolly now reports that 24 year old RHP Wynn Pelzer is the piece from the Orioles. Pelzer was drafted in the 9th round of the 2007 draft and is coming from AA San Antonio.
Seriously, it's days like these that I love Twitter. It's hysterical. I couldn't even keep up with everything that was being posted.