Paul Sullivan has reiterated the Rockies' interest in Chad Gaudin. This, along with Hendry's determination to avoid waivers, leads me to believe that this is the deal that will happen.
Furthermore, it's always seemed like the Cubs really love Guzman. They've already invested so much in him up to now; couldn't see them getting rid of him just like that.
Lastly, I'd point out that Chad Gaudin is not a typical Cub pitcher. He doesn't get strikeouts. If you're a Cub fan, you have to know that Cub management makes a distinct point of getting lots of strikeouts from every pitcher. Along that line of thinking, if you haven't read this Fangraphs article, you should.
A Gaudin trade would finish up the 25-man roster for the Cubs. It'll be interesting to see how much money the Cubs will have to pay Gaudin, as well as the return they'll receive. Maybe it'll be another Rich Hill type deal, where the PTBNL the Cubs get back is contingent upon Gaudin's performance.