From the Wire … Kerry Wood Agrees to Terms with the Cubs

According to multiple reports, Kerry Wood has agreed to terms on a one-year deal with the Chicago Cubs worth $1.5 million. The Sun-Times reported the terms of the contract and that Wood turned down a multi-year offer to return to the New York Yankees and a one-year $3.5 million deal to pitch for the White Sox.

Updated 9:25pm CTAccording to a report from the Tribune, Kerry Wood’s one-year contract includes incentives based on game’s finished in 2011. With Wood signing a below market contract, the Cubs can try to sign Brandon Webb to an incentive-laden deal or trade for another starter.

The Trib also reported that with Wood back, Andrew Cashner could become the Cubs’ number three starter behind Ryan Dempster and Carlos Zambrano.

Kerry Wood’s signing is expected to be made official on Friday after the right-hander passes a physical. In order for the Cubs to sign Wood, they will have to make an additional roster move. Right now, the team’s big league roster stands at 40 players.

Kerry Wood is expected to serve as the primary right-handed setup man to Carlos Marmol, joining Sean Marshall in the backend of the pen. The addition of Kerry Wood would give the Cubs the flexibility to convert Andrew Cashner back to a starter.

Will update if additional information becomes available …

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