Bundy agreed to terms on a major league deal last night shortly before the midnight deadline, so he must be placed on the 40-man.
Lebron, 26, missed the 2010 season after undergoing ligament-reconstructive surgery on his right elbow in May. He was pitching at short-season Single-A Aberdeen this season, allowing three runs and two hits in seven innings over seven appearances, with two walks and eight strikeouts.
Lebron made the Carolina League All-Star team in 2009 after recording 11 saves with Single-A Frederick. He moved up to Double-A Bowie and went 1-0 with a 1.98 ERA and nine saves in 24 appearances, with eight hits allowed and 39 strikeouts in 27 1/3 innings.
The Orioles are hoping that Lebron clears waivers and is outrighted. They're gambling that teams will pass on a pitcher who's only appeared in seven games over the last two years.
Any team claiming Lebron would have to put him on the 40-man roster.