In return, the Rangers will get Spencer Howard and two other prospects, sources told ESPN.
Gibson, a 33-year-old right-hander, is 6-3 with a 2.87 ERA and 94 strikeouts this season. He joined the Rangers in 2020 after spending his first seven seasons in MLB with the Twins.
Overall, he’s 75-77 with a 4.42 ERA and 997 strikeouts.
Kennedy, a 36-year-old right-hander, made 16 saves in his first season with the Rangers. Primarily a starter for most of his career, he moved to the bullpen as the closest to the Royals in 2019 and recorded 30 saves.
The deal was first reported by The Athletic.
The Phillies also acquired infielder Freddy Galvis as part of a deal with the Baltimore Orioles, a source told ESPN.
Galvis, 31, began his career in Philadelphia, playing his first six seasons with the majors.
Galvis has been on the injured list with a strained right quadriceps since last month. He’s down 0.249 / 0.306 / 0.414 with nine homers in 72 games this season.