Was another Hughes deal on the table?

Reiterating what The Daily News reported on Friday, ESPN notes that a Yankee source says Johan Santana trade talks are dead unless one of the Steinbrenners changes his mind. Interestingly enough, ESPN notes that the Yanks had an offer centered around Phil Hughes on the table until last week. It was my impression that the offer had been pulled in December, but the Twins knew the Yanks were willing to trade Hughes for Santana. Now, it seems that we have indeed saved the Big Three.