In exchange, the Tigers will receieve a package that reportedly includes left-hander Daniel Norris.
In 21 starts for Detroit this season, Price is 9-4 with a 2.53 ERA and 138 strikeouts in 146 innings.
The 29-year-old Price, acquired by the Tigers from the Tampa Bay Rays prior to last year’s deadline, will be a free agent after this season.
Price is the second major acquisition for the Blue Jays this week. In a stunning pickup early Tuesday, they acquired shortstop Troy Tulowitzki from the Colorado Rockies.
While another bat was nice, the Blue Jays certainly need the rotation help – their starters rank 23rd in the majors with a 4.34 ERA. At 51-51, Toronto is seven games behind the first-place New York Yankees in the AL East but just two games back in the AL wild-card race.
It had been unclear whether the Tigers would be sellers before the July 31 nonwaiver trade deadline, but the team reportedly made the decision to sell Wednesday.
The Los Angeles Dodgers, Houston Astros, New York Yankees and San Francisco Giants reportedly were among the other serious suitors for Price.
Price is the third ace to be moved in recent days, joining Cole Hamels (from the Philadelphia Phillies to Texas Rangers) and Johnny Cueto (from the Cincinnati Reds to the Kansas City Royals).