Velasquez was traded to the Phillies on Wednesday as part of a package for Ken Giles, Mark Berman of Fox 26 Houston reports.
Velasquez fell off most prospect lists after appearing in 19 games for the Astros last season, but he entered 2015 as a Top 100 prospect, and is the centerpiece of the group of players headed to Philadelphia. Velasquez has a good chance to earn a spot in the Phillies' rotation during spring training, but if he does not, he could still break camp with the big club as a reliever.