9:41am: Vizcaino has been designated for assignment, according to ESPN's Bruce Levine. Levine says Cubs GM Jim Hendry "tried to be creative with other teams, including the Washington Nationals, and tried to save some money before having to release Vizcaino."
Assuming Vizcaino signs elsewhere at the minimum salary, that'll be $3.6MM lost for the Cubs. They also sent $875K to Colorado in the January Jason Marquis deal. So the Cubs will end up paying $4.475MM rather than Marquis' $9.875MM salary.
THURSDAY, 9:04am: Sullivan seems a little more sure, writing today that Vizcaino "is expected to be released to make room for Samardzija."
WEDNESDAY, 4:56pm: According to Paul Sullivan of the Chicago Tribune, the Cubs will call up pitcher Jeff Samardzija on Thursday to join the bullpen. Sullivan adds that Milton Bradley is back in the lineup (ie not headed for the DL), and lefties Neal Cotts and Sean Marshall won't be sent down. For Sullivan, it all adds up to the possibility that reliever Luis Vizcaino may be released. To do so, the Cubs would have to assume the $4MM owed to him.