Cubs, Kerry Wood Progressing Toward One-Year Deal

9:38pm: A potential deal between Wood and the Cubs is "far from done," a source tells ESPN's Jerry Crasnick (Twitter link).  Wood is in talks with "multiple teams" about a 2012 contract.

12:29pm: The Cubs and free agent reliever Kerry Wood are making progress on a one-year, Nick Cafardo of the Boston Globe tweets. The Cubs and the SFX client have not completed a deal, however.

President of baseball operations Theo Epstein recently said he'd be greatly disappointed if the Cubs don't re-sign Wood. The right-hander signed a below-market $1.5MM deal last offseason but is said to want a market value deal this winter. Wood posted a 3.35 ERA with 10.1 K/9, 3.7 BB/9 and a 35.8% ground ball rate in 51 innings for the Cubs in 2011. He's 34, but remains a flamethrower; his average fastball checked in at 94.4 mph last year.

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