11:04pm: The Cubs and Wood can't agree on the money or the length of a contract, writes Bruce Levine of ESPNChicago. Wood seeks around $4MM, writes Jim Salisbury of CSNPhilly.com. The big righty told NBC-5 Chicago he'll make a decision by Friday, which also marks the start of the Cubs Convention.
6:08pm: The Cubs and Phillies have expressed the strongest interest in signing Wood, according to Jon Paul Morosi of FOXSports.com.
1:50pm: Late last week Kerry Wood appeared to be working toward a one-year deal to return to the Cubs, but we soon heard that it was far from done and that Wood is still in talks with several teams about a 2012 contract. The Phillies could be one of those teams based on these two tweets from ESPN's Jerry Crasnick, who reports that Philadelphia has Wood on their radar but their interest could be contingent on the health of Jose Contreras.
The 40-year-old Contreras had season-ending elbow surgery in August after appearing in just 17 games (14 innings of work) for the Phils last season. He compiled a 3.86 ERA and 8.4 K/9 but struggled with his control, walking eight and hitting a batter in those 14 innings. Wood, on the other hand, whiffed 10.1 per nine over 51 innings of 3.35 ERA ball with the Cubs, with a more reasonable 3.7 BB/9.
The Phillies lost Ryan Madson and Brad Lidge both to free agency this winter. They pounced early to replace Madson by signing Jonathan Papelbon. Wood would represent an affordable option to set-up for Papelbon. As Crasnick notes in a final tweet, the allure of playing for a contender may have more appeal than the Cubs' rebuilding philosophy under the new front office headed by Theo Epstein and Jed Hoyer.
