Roy Halladay is officially no longer a Toronto Blue Jay as the team completed his trade to the Philadelphia Phillies Wednesday afternoon.

"It's been a big part of my life and something I'll never forget," Halladay told a news conference in Philadelphia about his time in Toronto. "I enjoyed my time there. I'm also extremely excited about a new chapter and having this opportunity to be part of such a great organziation."

Halladay was traded to the defending NL champions in a complicated four-team deal that saw the Phillies trade their ace, Cliff Lee, to the Seattle Mariners.

Toronto also sent $6 million to Philadelphia along with Halladay for three prospects in return.

The Jays immediately traded one of those players -- outfielder Michael Taylor - to the Oakland Athletics for the highly touted infield prospect Brett Wallace.

Also coming to the Toronto organization is right-handed pitcher Kyle Drabek and catcher Travis d'Arnoud.

In return for 2008 AL Cy Young winner Lee, the Phillies received three prospects, including Canadians Phillippe Aumont and Tyson Gillies.

"We think all three of these players fit into our philosophy going forward of having some exciting, good, young controllable players," said Jays general manager Alex Anthopoulos. "These players are ones that we feel are going to be a big part of what we're doing going forward."

The Jays' trading of Halladay, the 2003 AL Cy Young winner and the most consistent pitcher in baseball, leaves a massive hole in the organization, both on the field and in their image.

Halladay's trade was the first significant move in the tenure of new Blue Jays GM Alex Anthopoulos.

Since he took over for fired GM J.P. Ricciardi, the 32-year-old Canadian rookie GM has made clear he sees the team as in a "building" mode, which he will do through the draft and keeping young players under contract.

A dwindling fit

Halladay, 32, was only under contract for one more season and said he wanted to play for a contender.

"I think there are things not only in business but in life that you know are worth it," Halladay said. "There are so many positives to this for me and my family. I just couldn't pass it up."

Sources say the pitcher was willing to stay with the Jays if the team signed the free agents it needed to compete against the big-spending Boston Red Sox and New York Yankees in the AL East.

A quiet superstar, with an impeccable work ethic and attitude, Halladay had already given the Jays two hometown discount deals with previous contracts after getting assurances that the team would compete. But despite some big signings, the Jays never made the playoffs during Halladay's tenure. 

Ricciardi attempted to trade his star pitcher at the trade deadline last summer but was unsuccessful. He was criticized for his highly public approach, and some teams said his trade demands were too high.

Anthopoulos, on the other hand, took the completely opposite approach and kept silent throughout negotiations. 

As it stands the Blue Jays have a few significant assets under contract long-term. Second baseman Aaron Hill, outfielders Adam Lind and Travis Snider, and starting pitchers Shaun Marcum and Ricky Romero are expected to be the team's core going forward.

That leaves the Jays with some extremely significant holes, particularly in starting pitching, and at shortstop, catcher and third base.

The organization is hoping that the return for Halladay should fill some of those holes.

Drabek, son of former Cy Young winner, is considered a potential number one or two starting pitcher. He is expected to be ready for the big leagues by late 2010 or 2011.

Wallace, a third baseman, is expected to make the team out of spring training in 2010. However, most scouts see his future at first base due to his limited mobility. The left-handed batter has a sweet, polished swing with some power, he could help give the Jays a formidable middle-of-the-order within a few years.

However, the downside is the Jays already a glut at first base with incumbent Lyle Overbay there, with many expecting Lind to take over at the position this year.

D'Arnaud, a catcher with some pop and decent defence, is at least three years away from making the team.

With a report from CTV Toronto's Claude Feig and files from The Canadian Press