Chicago Cubs, Paul Maholm Sign 1-Year, $4.75M Deal

01/10/12 2:28 PM ET: Ken Rosenthal is saying via twitter that deal is actually for $4.75M guaranteed for one year, with a max of $10.75 over two years if the option is exercised.

01/10/12 08:40 AM ET: The Chicago Cubs have signed Paul Maholm to a 1-year, $4.35 million deal with a club option for 2013 and a $500k buyout, according to Bruce Levine via twitter, confirming earlier rumors (and Maholm's own twitter account from last night). Pat Sullivan of the Chicago Tribune suggests that the move could give the Cubs flexibility to move Matt Garza.

• Twitter / @ESPNChiCubs - "Breaking news; Chicago Cubs sign LHP Paul Maholm to a 1 yr 4.25 million deal with club opt 6,5 for 2013. 500k B out"
• Chicago Cubs, Paul Maholm Close To Deal - MLB Daily Dish
  Maholm, 29, posted a 3.66 ERA across 162 innings of work with a 5.38 K/9 and 2.77 BB/9 last season. He's one of the cheaper options available, and team's are likely to get their money's worth. The Pirates granted the 29-year-old Maholm free agency after declining his $9.75 million club option. Other suitors for Maholm included the Orioles, Mariners and Red Sox.

• Tweet news: Cubs sign former Pirates lefty Maholm - chicagotribune.com
  "A Cubs source confirmed the signing but would not reveal the terms. Cubs president Theo Epstein did not return messages. The signing of Maholm, 29, adds to the Cubs' rotation depth and provides insurance in case of a Matt Garza deal."

• Twitter / @ESPNChiCubs
  "The Cubs and LHP Paul Maholm trying to work out an agreement."