2:09pm: MLB.com's Mark Bowman heard from a major league source who said the Braves have no interest in Penny. Bowman writes that "the Braves won't be among the teams showing interest in the big right-hander."
1:42pm: According to ESPN.com's Buster Olney the Braves are "in conversation with the Red Sox" about Brad Penny, who is pitching better as the season progresses. The Red Sox have been scouting Jeff Francoeur, who the Braves may be interested in moving, in part because he makes over $3MM this year and the Braves are watching their payroll carefully.
If the Braves were to acquire Penny, they could add him to their bullpen or slot him into their rotation and bump Kenshin Kawakami to the 'pen. Atlanta just released Tom Glavine in part because they had no room for him, so it would be a surprise to see them give up much for Penny.