Update 10:45 AM: I asked Jim Callis of BA and he told me that Carreno can now hit the low 90s with sink. He's currently listed at 6'1", 205 lbs and so there's not much projection left. Secondaries are okay and probably doesn't make Cubs top 30. Considering he was ranked 11th and 17th on the Tigers list by others, I'd have to say there is some mixed opinion on him. It may also say something about the strength and depth of the Cubs system today.
Meanwhile, Keith Law (via Twitter) considers him a bullpen arm.
Update 10:05 AM: The Cubs confirmed the deal via Twitter, saying the acquisition completes the transaction.
According to Scout.com,
"Carreno has a heavy fastball that reaches 88-89 with projection for more. Backed by average change-up with good arm speed, and a below-average curveball that shows some potential.
Marcelo (formerly known as Josue) Carreno has been on the radar here at TigsTown.com for several years, ranking in the organization’s top twenty prospects since 2010. A now burly right-hander, Carreno’s development has hit some bumps as his body has grown and he was forced to adjust his mechanics. While repeating with West Michigan in 2012, Carreno began to figure things out, posting a 3.23 ERA in 27 starts that spanned 139 1/3 innings. He dropped his hit rate by over a hit rate and walk rate by over one per nine innings and his strikeout rate held steady around eight per nine innings."
And from an AL scout,
"There’s something there. Now that he’s throwing more consistent strikes with his improved velocity, he’s got a chance to pitch at the back of a big league rotation."
The RHP was named the Tigers 11th best prospect by Jonathan Mayo at MLB.com. Mayo calls him a possible mid-rotation type.
Kevin Goldstein wrote that he had a good curve with improving velocity and ranked him as the team's 17th best prospect.
Carreno had an excellent walk to strikeout ratio of 1.8/7.7 and fits the profile of the type of pitcher the Cubs have been looking to acquire -- good control with an ability to miss bats.
If true, it's a nice acquisition for the Cubs. The Cubs need true SP prospects and while Carreno doesn't project as a front end guy, he adds another arm with the repertoire and command to stay in a rotation long term.
The Tigers still owe the Cubs one more player.