According to the Washington Post:

The Orioles have made it known since December that they would make right fielder Jay Gibbons available for the right trade, and they may have found a willing partner in the Los Angeles Dodgers -- who are seeking to trade a starting pitcher for a hitter.

Orioles Executive Vice President of Baseball Operations Jim Beattie acknowledged that the O's are looking to possibly add one more arm to the rotation. The Dodgers are believed to have more interest in Larry Bigbie but the O's don't seem to want to part with him. The Post speculates that the O's would be willing to trade Gibbons in part because they would like to make a run at Carlos Beltran or Magglio Ordoñez, whom will both be free agents, after this season.

Odalis Perez or Kaz Ishii are believed to be the two pitchers that the Dodgers are trying to move. Ishii isn't very good and Perez is in the last year of his deal making both bad options as is. If the Dodgers were to add a prospect into the mix then the O's should listen.