The 23-year-old Iglesias hit .330 with a home run and 19 RBIs in 63 games with the Red Sox, who trail division-leading Tampa Bay by a half-game. He was the AL rookie of the month for June, when he batted .395 with six RBIs.
"Jhonny Peralta is our shortstop until someone tells us he can't be our shortstop," Dombrowski said. "If that happens, we are very comfortable with Jose going forward, but until then, we have a talented young player who can play second base and third base very well."
Cherington said discussions with the White Sox had been going on for some time, but the two teams couldn't agree on a deal until the Tigers joined the mix.
By giving up a young asset in Iglesias, Cherington said the Red Sox wanted a player for the future as well as the stretch run this season. Cherington said there was no cash involved in the deal and the Red Sox are assuming all of Peavy's contract, which includes a $14.5 million salary for next year and an incentive-laden player option for 2015.
"He's an intense competitor. He loves to pitch," Cherington said. "I think he'll fit in nicely with the group that we have."
Cherington said Boston was familiar with Peavy's medical history and comfortable the 32-year-old would be a healthy addition.
"We're going to get Jake here and get him into the mix," Cherington said. "It won't be tomorrow. We don't know quite yet when it will be."
The other minor leaguers headed to Chicago are infielder Cleulius Rondon and pitchers Francelis Montas and Jeffery Wendelken. Each of them were at the Class-A level with the Red Sox.