The Atlanta Braves, Houston Astros and San Diego Padres have emerged as the most interested parties in the Freddy Peralta trade market, league sources told Brewer Fanatic this week. During the MLB Winter Meetings, Washington Nationals left-hander MacKenzie Gore and Miami Marlins righty Edward Cabrera have been buzzier names, because each of them comes with multiple years of team control. Tarik Skubal remains atop the wish lists of many big-market dreamers, but so far, the Tigers have set a price tag that suggests they don’t want to deal him, according to a source with knowledge of one team’s conversations with Detroit.
Those three players might make for more tantalizing rumors, but Peralta is very much on the radar of contenders who want to stabilize their rotations without paying exorbitant prices in free agency or in trades for players with longer-term team control attached. Because Peralta will make only $8 million in 2026 and becomes a free agent thereafter, he’s a perfect fit for several teams whose budgets are tight (be it because of limited resources or having already spent hundreds of millions elsewhere). His contract leaves so much surplus value, in fact, that one source suggested it will make a trade less likely: the Brewers won’t trade Peralta unless they get a haul that reflects both his talent and that efficiency.
Houston, San Diego and Atlanta are all serious contenders coming off difficult seasons. None has an elite farm system, which could be an obstacle—but all three have shown flexibility and creativity in the past, to get deals just like these done. For all three, starting pitching is a major question mark, and spending on one of the top remaining free agents looks unlikely.
San Diego is even rumored to be shopping top starter Nick Pivetta, despite losing Dylan Cease and Michael King via free agency this winter. Why? Pivetta’s salary for 2025 was $1 million, as the Padres served as his lifeboat in a stormy free agency. In 2026, though, that number jumps to $19 million, and there are player options for 2027 and 2028. Unlike other, similar deals, Pivetta’s should be movable, in the opinion of employees in other front offices, because the contract contains language granting the team protection in the event of a major injury. Still, the cash-strapped Padres might need to move Pivetta to give themselves the freedom they need to make other upgrades. Peralta, a better pitcher at a much lower price, would be an ideal fit.
Injuries and age menace the rotation of the once-mighty Atlanta club, and as their team-friendly extensions with several position players reach their more expensive seasons, the team finds itself without much cash to splash around to shore up that group. Meanwhile, the Astros are losing Framber Valdez to free agency, and they’re bumping up against the competitive-balance tax threshold; owner Jim Crane continues to fight to rein in their spending.
Those three teams are obvious suitors, and it’s not surprising that they’ve already begun to hone in on Peralta. Three larger-market clubs have also checked in, one source said: the Mets, the Dodgers, and the Giants. However, those teams’ interest is not believed to be as serious—or, at least, as developed. New York has the most glaring need for help in the starting rotation, and might best fit with Milwaukee in terms of a return, but their top priorities appear to lie on the offensive side for the time being.
Speaking of return, the Brewers are said to be setting a very high price for Peralta, on whom they’re listening but not eager to make a move. A source familiar with one discussion said the team was asking for more than they got for Corbin Burnes, whom they traded to the Orioles in early 2024 for Joey Ortiz, DL Hall and a top-40 draft pick. Given that Peralta costs roughly half what Burnes did that year, that’s no shock. Suitors understand that Milwaukee won’t move Peralta without getting back a “plug-and-play guy,” said a member of another front office, citing the examples of Ortiz, Hall, Caleb Durbin and Nestor Cortes, whom the team acquired for Burnes and Devin Williams the last two winters. Trading Peralta would, in other words, have to mean getting back someone who helps the 2026 Brewers, in addition to offering longer-term value.
Constraining a market by specifying that majors-ready players be involved can ice over a market, but again, the Brewers don’t feel cornered when it comes to Peralta. In addition to being cost-effective, he’s one of their clubhouse leaders, and the relationship between player and franchise is much stronger than were the ones between the team and Burnes or Williams. The right deal has to come to them; Matt Arnold won’t sell Peralta just to avoid losing him as a free agent next fall.
However, in a survey of people in other front offices, the majority believe Peralta will be dealt—and it could be soon. One source noted the lack of overlap in the markets for Gore, Cabrera and Skubal with that for Peralta. The Cubs and Orioles, among others, are locked in on acquiring controllable pitching, so their interest in Peralta is limited. San Diego is always proactive, but neither Houston nor Atlanta are believed to be players for any of the more talked-about names of this week. Quietly, while rumors swirl and Peralta’s name lies low, the Brewers have been able to continue discussions with the real players in this game.
Williams went from the Crew to the Yankees two days after the end of last year’s Winter Meetings. A similar thing could play out this year, though no deal is believed to be close as clubs pack up their suites and prepare to head home. If a trade happens, it will net Milwaukee their biggest haul in such a deal since they traded Carlos Gómez and Mike Fiers to the Astros in mid-2015. While losing Peralta would hurt, the motivation of the interested teams and the team-friendly deal Peralta signed years ago ensure that his departure would only push the Brewers even further forward in their pursuit of the team’s first-ever World Series title.