ESPN Senior Baseball Analyst Jim Bowden reported the Pence news on his Twitter feed. He said the deal is completed pending physicals.
In a report posted on Phillies.com, the team is getting reliever Josh Lindblom and Minor League pitcher Ethan Martin in return for Shane Victorino.
Meanwhile, outfielder Domonic Brown has been scratched for Tuesday's AAA Iron Pigs game and was on his way to Washington, D.C. to join the Phillies, 6abc's Jeff Skversky reported.
Victorino is enduring a disappointing season, batting .261 with nine homers, 40 RBIs and 24 stolen bases in 101 games.
The Phillies are looking to overhaul their roster after a terribly disappointing season. Moving Victorino, who can become a free agent after the season, would allow the Phillies to bolster their bullpen, which has been a weakness.
The Phillies had been talking to the Orioles about a trade involving Joe Blanton, although it appeared the remaining $3 million on Blanton's contract could kill the deal. The Orioles want Philadelphia to pick up a substantial portion of the contract, which makes little sense to the Phillies if they are getting a lesser prospect in return.