Lee last pitched for the Phillies on May 18. He threw 44 of his 59 pitches for strikes Wednesday.
If everything breaks right, Lee could make three starts in the majors before the July 31 trade deadline. That could force the Phillies to wait until August, when Lee can still be traded if he clears waivers, for a suitable package.
The pitching market is muddled. The Yankees, who placed Masahiro Tanaka on the disabled list Wednesday and could be without CC Sabathia for the remainder of the season, have a definite need.
Tampa Bay is playing its best baseball of the season in a weakened American League East and could decide to keep David Price. Boston waved its white flag and could deal Jon Lester. But the Red Sox are interested in re-signing Lester, a free agent at season's end. Kansas City is a contender, which makes James Shields unavailable.
Lee, 35, is owed at least $50 million through 2015. He could make it $65 million with a vesting option for 2016.
Long man swap
The Phillies activated Jeff Manship from the disabled list and optioned B.J. Rosenberg to triple-A Lehigh Valley in a swap of righthanded long relievers. Manship missed six weeks with a strained right quadriceps.
Manager Ryne Sandberg expressed some concern over Rosenberg's decline in fastball velocity. Rosenberg averaged 94 m.p.h. in 2013, when he earned a late-inning role, and just 92.6 m.p.h. in 2014.
"I don't know," Sandberg said. "He doesn't have it yet. It's evident."
Rosenberg has a 6.75 ERA in 12 innings this season.
Catcher Carlos Ruiz (concussion) passed another Impact test Wednesday and was cleared to begin baseball activities. He will return after the all-star break. . . . Maikel Franco smashed two more doubles Wednesday for triple-A Lehigh Valley. The third-base prospect is 15 for 32 with eight extra-base hits in his last seven games. He has a .234 batting average with a .655 OPS this season.