Thanks to the guys at MLB Trade Rumors (who I can’t imagine living without before the trade deadline or during the off-season), we have an update on the “situation,” as I’ve begun calling it. No, not THAT situation:

• The Red Sox aren’t targeting Bobby Valentine or Joe Torre for their managerial opening, according to Jon Heyman of SI.com. It appears that Epstein is considering two candidates without MLB managerial experience, according to Heyman.
• People who know Epstein tell Heyman that the GM doesn’t expect to work for the Red Sox for life. It’s possible that Red Sox ownership will add a couple years to Epstein’s contract (it expires after 2012) or change his title.
• Cubs chairman Tom Ricketts likes the Red Sox organization, not just Epstein, according to Scott Miller of CBSSports.com (on Twitter). That could mean the Cubs are interested in assistant GM Ben Cherington.
• The Red Sox would surely demand and obtain compensation if the Cubs hire Epstein, so Dave Cameron of FanGraphs wonders how much he is worth. Cameron isn’t sure that spending big on recognizable executives makes sense, since there’s a steady supply of qualified candidates who are available more cheaply.
• Ken Rosenthal of FOX Sports says it’s time for the Red Sox to extend Epstein and that it would be a mistake on their part to let him go.
• The Cubs‘ shortlist includes Cherington, White Sox assistant GM Rick Hahn and Braves director of professional scouting John Coppolella, according to Dan Connolly of the Baltimore Sun.