From the Wire….Lilly Agrees to Terms with the Cubs-Bynum Traded

Ted Lilly Agrees to Terms with the Cubs and Freddie Bynum Traded to the Orioles

According to a report on FoxSports.com by Ken Rosenthal, the Cubs have just agreed to terms on a 4-year, $40 million dollar deal with the southpaw.

Updated – 7:29pm C.T. – Larry O’Brien, Lilly’s agent, was just on XM Radio and reported the Cubs did sign Lilly to the 4-year, $40 million dollar deal depending on him passing a physical.

Updated – 8:13pm C.T.According to a report from the Baltimore Sun found on Rotoworld.com, the Cubs have traded Freddie Bynum to the Orioles for a PTBNL.

According to O’Brien, Lilly is excited about the possibility of the Cubs going from last to first and is good friends with Alfonso Soriano. Lilly apparently helped Soriano learn English while the two were with the Yankees.

SI.com is reporting the signing as well. The Cubs are still in the running for Gil Meche according to the report by Ken Rosenthal.

Will update when more information becomes available….