Cubs make bid for Korean left-hander Hyun-jin Ryu

The Chicago Cubs entered a qualifying bid for 25-year-old South Korean left-hander Hyun-jin Ryu on Thursday, report Phil Rogers and Dave van Dyck of the Chicago Tribune:

In their never-ending, world-wide search for pitching, the Cubs have entered a qualifying bid for South Korean left-handed starter Hyun-jin Ryu, according to major league sources.

His upside creates the possibility that he could go immediately into a big-league rotation and remain there for at least a few years. While no one knows how the process will play out, it could take a commitment of more than $20 million to make the deal work.

The Hanwha Eagles, Ryu's club in South Korea, have four days to determine whether they will accept the highest of the bids. Ryu is represented state-side by Scott Boras, so negotiating with the left-hander may not come easy for whomever wins the bid. It is believed Boras will look for a two-year deal.

The Rangers may have made a bid for the left-hander as well, according to Evan Grant of the Dallas Morning News, but it has not been confirmed.