by Ken Rosenthal

Padres general manager Kevin Towers said he was told by Cubs general manager Jim Hendry on Thursday that the Cubs were ending their quest for a Peavy blockbuster.

The teams had spoken for weeks about a potential trade, expanding their discussions to three- and four-team deals in an attempt to satisfy the Padres.

But the Cubs ultimately determined that they did not want to pay the price for Peavy — five or six players, plus the remaining $63 million on the final four years of Peavy's contract.

"They were looking for a Herschel Walker-type deal," one Cubs official said.

Towers did not dispute that he wanted a massive return for Peavy, the 2007 National League Cy Young award winner.

"We were asking for a lot," Towers said. "For Jake Peavy, we would plan on getting a lot."

Towers said the Padres will meet next week and decide whether they want to pursue further deals involving Peavy. The Padres retain the option of keeping Peavy, but appear to be under pressure to reduce payroll.

Jake Peavy: Career stats

Jake Peavy San Diego Padres Starting pitcher

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Year	G	W	L	ERA	K
2002	17	6	7	4.52	90
2003	32	12	11	4.11	156
2004	27	15	6	2.27	173
2005	30	13	7	2.88	216
2006	32	11	14	4.09	215
2007	34	19	6	2.54	240
2008	27	10	11	2.85	166
Totals	199	86	62	3.25	1256

Peavy holds a full no-trade clause, effectively giving him the right to choose his next team if the Padres want to move him. He prefers to stay in the National League, and the Cubs and Braves are two of his acceptable options.

The Braves' interest in Peavy could revive if they lose the bidding for free-agent right-hander A.J. Burnett, but talks between those teams broke down several weeks ago.

The Yankees and Angels are two other teams that Peavy might consider joining, but the Yankees have signed CC Sabathia and they plan to add another free-agent pitcher. The Angels are more interested in adding offense, but a team official told FOXSports.com's Gerry Fraley on Thursday that the team has put together a package for the Padres to consider in return for Peavy.

For the Cubs, the addition of Peavy would have been a luxury. The team's rotation already includes Carlos Zambrano, Ryan Dempster, Rich Harden and Ted Lilly. The Cubs' next step will be to pursue a left-handed hitting outfielder.

Peavy was 10-11 in 2008 with a 2.85 ERA.