The announcement came less than two hours after the Rays acquired first baseman CJ Cron from the Los Angeles Angels, designating All-Star outfielder/designated hitter Corey Dickerson for assignment in a corresponding move.

Odorizzi, 27, has been a popular name in trade rumors the last couple of years. He went 10-8 with a 4.14 ERA in 28 starts for the Rays last season, his fourth straight season reaching at least 28 starts.

Overall, Odorizzi is 40-38 with a 3.83 ERA in his six major league seasons, all pitched for the Rays besides two starts for the Kansas City Royals in 2012.

The addition of Odorizzi helps to fill the void created in the Twins' starting rotation when probable Opening Day starter Ervin Santana underwent surgery on the middle finger of his throwing hand earlier this month that will sideline him for 10 to 12 weeks.

Palacios, 21, hit 296 with 13 home runs, 67 RBIs and 20 stolen bases between Class A Cedar Rapids and high-A Fort Myers last year.