With pennant races starting to heat up in the dog days of the MLB season, trade rumors haven't stopped despite the non-waiver deadline passing on July 31.

Teams can still work out deals by sending players through waivers and there have been several rumors over certain players possibly being on the move.

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Here's a rundown of how the waiver deadline works courtesy of SI.com:

If a player is placed on waivers and a team doesn't plan on revoking them (which they can do once per player per season), a team that claims him has 48 hours to work out a trade with the placing club. If a team revokes a player, they are inelligible to be traded for the rest of the season.

Furthermore, if multiple teams claim a player, the player goes to the team in the same league with the worst record. If no teams from the same league claim the player, he falls to whichever team has the worst record overall.

Clubs can also place players on waivers if they're looking to shed salary and instead of trading them, a team that claims a player would have to pay a small waiver fee. If a player is unclaimed for 48 hours, he is free to be traded to any team.

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With the rules out of the way, here's a look at three candidates that could be dealt through waivers before the Aug. 31 deadline:

1) Jose Reyes, Rockies SS

Colorado acquired Reyes through a blockbuster deal with the Blue Jays prior to the non-waiver deadline, but the shortstop has publicly longed to play for a competing team. The Rockies are in the NL West cellar and could trade Reyes or at least generate interest in him if they put him on revocable waivers.

Reyes hasn't made the postseason since playing for the Mets in 2006 and the Rockies are his fourth team after stints with the Marlins and Blue Jays. Reyes, 32, is hitting .275 with four homers and 37 RBIs in 81 games this season.

2) James Shields, Padres SP

There was a lot of speculation that Shields would be dealt earlier this year, but the July 31 non-waiver deadline came and went without movement from San Diego.

Now, Shields has officially cleared waivers so the Padres can send him to any club. After an offseason facelift that paid little dividends, the Padres are 9.5 games back in the NL West. Shields, 33, is 8-4 with a 3.75 ERA in 24 starts on the campaign.

3) Chase Utley, Phillies 2B

The aging Philadelphia second baseman has also cleared waivers and he is now eligible to be traded to any team with the Giants, Blue Jays, Cubs and Yankees all being proper fits that have shown interest.

Utley, 36, is hitting a grisly .196 with four homers and 28 RBIs for a Phillies team that occupies last place in the NL East.

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