With Franklin Morales struggling this season with his pitches, it was clear that the Rockies weren't going to stick with him much longer. But this deal could have been completed with the Pittsburgh Pirates, according to Troy Renck, though there is no indication that anything was ever close between the two clubs.
Renck writes that lefty Joe Beimel wouldn't have been sent back to the Rockies had a deal materialized, but rather a prospect. Beimel had been with the Rockies for the last two months of 2009 and then was re-signed by the Rockies late in Spring Training 2010. After posting a 3.40 ERA in 45 games, the Rockies decided to pass on bringing back Beimel in 2011, hoping that Franklin Morales had matured.
Given that the Rockies have acquired either a player to be named later or cash considerations, the Pirates would likely have also sent something similar to Colorado.