Teams must acquire players by midnight ET on Friday night in order for them to be eligible to play in the postseason.
Since the Blue Jays are out of the American League playoff race at 60-73 and both Donaldson and Granderson are set to hit free agency, Toronto's best bet is to offload them to the highest bidders.
From 2013-2017, Donaldson was one of the best offensive players in all of Major League Baseball.
He is a three-time All-Star, and he won the AL MVP award with the Jays in 2015 after hitting .297 with 41 home runs and 123 RBI.
The 32-year-old veteran has struggled with injuries this season, and he is currently on the disabled list with a calf injury.
While Donaldson hasn't played since May 28, he is currently on a minor league rehab assignment.
In just 36 games this season, Donaldson is hitting .234 with five homers and 16 RBI.
Donaldson averaged 33 home runs and 98 RBI per year over the previous five seasons.
The 37-year-old Granderson has been a pleasant surprise for the Blue Jays in 2018, spending time at all three outfield positions.
Granderson is hitting .243 with 11 home runs and 35 RBI in 103 games this season.
The former Detroit Tigers, New York Yankees, New York Mets and Los Angeles Dodgers star is a three-time All-Star who would be a solid fit as a backup outfielder and pinch hitter for a contending team.
While he is nearing the end of his career, he still has some pop and hit at least 19 home runs in 11 of 12 seasons entering 2018.
For his career, Granderson has 330 homers and 900 RBI.
Both players are expendable for the Jays, especially Donaldson, due to the presence of top prospect Vladimir Guerrero Jr., who figures to join Toronto on a full-time basis in 2019.