Clay Buchholz, who may be used to acquire shortstop Hanley Ramirez, has been up and down for the Red Sox.

The Providence Journal / Bob Breidenbach

With the Red Sox trying to upgrade their roster in the weeks after the swing-and-miss on Mark Teixeira, one thing has become clear:

Clay Buchholz shouldn’t buy a house in New England just yet, no matter how good the deals are.

All offseason, the one-time can’t-miss prospect has been the subject of trade rumors.

First he was the man the Texas Rangers wanted in exchange for catcher Jarrod Saltalamacchia — Texas general manager Nolan Ryan said, “Obviously being a Texas kid we think he will look really good in a Texas uniform.” But the Red Sox said he was off-limits.

Now it has come out that the Red Sox were shopping him and Jacoby Ellsbury to Florida for a shot at star shortstop Hanley Ramirez, a deal the Marlins weren’t keen on making.

Regardless, it certainly appears that Buchholz is one of Boston’s top trade chips right now, and that he is not as untouchable as Boston brass have long said — if the right deal comes along.

In fact, Boston’s front office and manager Terry Francona have spent much of the offseason speaking about the progress Buchholz made this fall, stating repeatedly that he has worked out his issues and is ready to make an impact.

Is Buchholz really ready to win at the major-league level, or have the Red Sox been talking him up all offseason in an effort to enhance his trade value? Or is it a little of both?

Buchholz was taken as a supplemental first-round pick in the 2005 draft, using the pick, in fact, that the Red Sox received for losing Pedro Martinez to free agency.

It soon seemed that Buchholz could follow in Pedro’s footsteps, tearing up the minor leagues and then pitching a no-hitter in his second major-league start in September 2007. He came into 2008 with rookie-of-the-year expectations.

But he regressed instead, going 2-9 with a 6.75 ERA in 76 innings at the major-league level, and finished the season in Double-A Portland. His numbers were significantly better when down in the minors, both at Portland and Triple-A Pawtucket.

After the season, Boston sent him to Arizona, to work on his game — and his confidence — for Scottsdale of the Arizona Fall League.

Since then, the Red Sox have been pumping him up, lauding his progress in Arizona while noting how valuable a chip he is.

“In our minds, he’s a top-of-the-rotation starter who we control [contractually] for six years,” said Epstein. “He’s very high-priced, and we value him tremendously.”

Epstein made a special trip to Arizona to watch Buchholz pitch, and said that the 24-year-old had rediscovered his 95-mph fastball and his effective 80-mph changeup, which together form a nasty combination. His curveball also looked sharp.

The numbers bear out some of that; Buchholz threw 21 innings in Arizona, and compiled a 1-2 record with a 3.96 ERA, and 17 strikeouts.

Not bad, but hardly dominating.

That said, farm system director Mike Hazen acknowledged in an interview last month part of what Buchholz needed was a little time to mature as a person, and to get his confidence back. It’s not necessarily about throwing a no-hitter every time.

“He’s dealt with failure for the first time, and figuring out ways to respond to that,” Hazen said, adding that he expected Buchholz to come in and compete for the major-league roster in the spring.

But with the looming addition of right-handed pitcher Brad Penny — pending his physical — it seems that Buchholz has become even more expendable.

Buchholz did not respond to interview requests for this story.

Now that other teams know that the previously “untouchable” Buchholz is obtainable, for the right price, it’s possible that other teams could come calling, dreams of a number-one starter on their hands.

The catching situation should also factor into Buchholz’ fate. If the Red Sox do not sign Jason Varitek, who caught Buchholz’ no-hitter, then they will be more likely to swing a trade.

If, in fact, the Red Sox are playing up Buchholz’ development to enhance his value, it is also possible that they could continue to shop him this winter, before teams have a shot to see him themselves during spring training or in the regular season.

No team wants to trade away a potential ace — but the Red Sox have needs in the starting lineup, boast a full rotation and bullpen, and know that Buchholz’ value may never be higher.

dbarbari@projo.com