10:38am: The Cubs offered Wood a "substantial" raise, GM Jed Hoyer told reporters today. Wood had a below-market base salary of $1.5MM in 2011.
9:34am: Kerry Wood's "days as a Cub appear all but over," writes Dave Kaplan of CSNChicago.com after talking to a source with knowledge of the reliever's negotiations with the team. Kaplan quotes his source:
"Woody wanted to be here despite the rebuilding process but while the Cubs were saying they wanted him back they were unwilling to pay him the market value for a solid set up man. He has heard from a number of teams that are World Series contenders and they are all willing to pay him a very fair salary to strengthen their bullpen. The Cubs expected him to pitch for another hometown discount. He has already done that for them a couple of times before. There is no reason that he should have to do that again."
Wood told Kaplan last night on WGN Sports Radio that his family plans on staying in the Chicago area for a long time whether or not he finishes his career with the Cubs. Last week Cubs president Theo Epstein said he was "actively involved in negotations" to bring Wood back, noting, "I think this one should work out." If Epstein and Wood fail to find common ground, Kaplan says the Tigers, Phillies, Reds, Angels, and others are interested.