UPDATE: Despite earlier confirmations, multiple sources are now reporting that this is not in fact a done deal and Sanchez will indeed offer the Detroit Tigers the option to bid last:
Rosenthal says that the deal would be for five years and worth $75 million. He says that the Detroit Tigers were also still a threat. till the end.
Bob Nightengale of USA Todayconfirmed the report, saying that the deal is done. The deal is said to be over the course of five seasons.
Sanchez had been said to be seeking for a deal north of $90 million when the free agency period began. Sanchez had been traded from the Miami Marlins to the Tigers during last season.
Over his career, pitching in both the National and American Leagues, Sanchez has a career ERA of 3.75 over seven seasons in the bigs. He was signed as an international free agent with the Boston Red Sox and was traded to Miami in 2006 for Josh Beckett, along with Hanley Ramirez.
The move is surprising for the Cubs, as they are a team that is not exactly close to contending. However, this does open the door for a potential Matt Garza trade that has been much rumored over the years.