According to mlb.com, the Atlanta Braves have traded right-handed starting pitcher Derek Lowe to the Cleveland Indians.

Lowe, who is set to make $15 million in 2012, will join a Cleveland pitching staff that includes right-handers Justin Masterson, Ubaldo Jimenez and Fausto Carmona. 

The Indians decided earlier today that they would not be exercising the club option of $9 million on outfielder Grady Sizemore, freeing up salary room for Carmona and Lowe.

In return for Lowe, Atlanta will get 23-year-old minor league left-handed reliever Chris Jones and pay $10 million of Lowe's salary.

Jones was 7-1 last year with a 3.36 ERA for the Indians at High-A Kinston (N.C.).