11:56am: There's some discussion as to whether the Red Sox will obtain minor leaguers or cash from the Cubs, according to Jon Heyman of SI.com (on Twitter). It appears that the Red Sox prefer cash.
10:00am: The Cubs' overall payout to Epstein will be closer to $20MM than $15MM, because they're responsible for paying a $3.5MM conclusion bonus that he had negotiated into his contract with the Red Sox, according to ESPN.com's Buster Olney. MLB has monitored the Cubs' negotiations with Epstein, since there's concern that his deal will change the market for general managers. Epstein's salary will be similar to the one the Red Sox paid him, Olney notes (on Twitter). He was the Cubs' first choice and has met with them twice.
8:13am: Theo Epstein has agreed on a five-year deal worth more than $15MM with the Cubs, according to WEEI's John Dennis. The deal could be finalized this week, once the teams work out compensation and the Cubs decide on a title for the longtime Red Sox GM.
The Cubs were "on the cusp" of a deal with Epstein last night, but Boston's ownership still appeared interested in retaining Epstein. However, Jon Heyman of SI.com hears that Red Sox owner John Henry isn't the type to "chase" if he knows someone wants to leave (Twitter link).
The Cubs won't surrender Major League players or take on bad contracts in the deal, but they may send prospects and/or cash to the Red Sox. It appears that Epstein will need Boston's approval to bring employees with him.