From Kat O'Brien and Ken Davidoff:

The Giants need offense and may have pitching to spare. Potential matches for Matsui in a trade would be lefthanders Noah Lowry and Jonathan Sanchez. Lowry, 27, went 14-8 with a 3.92 ERA this season. In his career, he's 40-31 with a 4.03 ERA. Sanchez, a 25-year-old reliever, was 1-5, 5.88 in 33 games.

A source familiar with the early discussions said Matsui and a prospect might be enough to net Lowry or Sanchez. Giants righthander Tim Lincecum is considered untouchable.

Tyler Kepner mentions Brian Wilson or Kevin Correia as other names that the Yankees could be interested in. Mark Feinsand points out that if the Yankees can shed some payroll through a Matsui deal, they may re-enter talks for Johan Santana.

I think we should carefully consider trading Matsui. For all the criticism of his defense, it's not like Johnny Damon and Bobby Abreu are gold glovers, either. More importantly - offensively, Matsui was the most productive of the four Yankees outfielders.

Damon: .270 AVG/.351 OBA/.396 SLG
Abreu: .283/.369/.445
Melky: .273/.327/.391
Matsui: .285/.367/.488

I wouldn't bet against a similar outcome this season. Plus, I just like Matsui. He's a clean cut professional who plays the game the right way. I've always admired how he's handled himself, given not only the usual pressure of an MLB player, but also has an icon in his native country. And, let's not forget the international money that he creates, either. So, let's not be quick to cast him aside for any reason outside of getting a terrific deal. Certainly not because we want to create a spot for Jason Giambi.

Via PSD.