8.38pm: MLBTR's Ben Nicholson-Smith reports (on Twitter) that LaHair can opt-out of the contract after 2013, and the deal includes $2MM in incentives each year. The total value is $4.7MM when you include his signing bonus and buyout.
7:42pm: LaHair's agreement with the Hawks is worth $4MM over two years, reports ESPN's Buster Olney (on Twitter). The Cubs received about $950K in the transaction.
11:12am: The SoftBank Hawks are close to an agreement with Bryan LaHair, according to a Sanspo report passed along by Patrick Newman of NPB Tracker. The Cubs designated LaHair for assignment yesterday, announcing that the team and player were "pursuing an opportunity" for LaHair to sign with a Japanese team.
LaHair, 30, made the NL All-Star team in 2012, but his production diminished in the second half. He finished the season with 16 home runs and a .259/.334/.450 batting line in 380 plate appearances as a corner outfielder and first baseman.
Mike Axisa contributed to this post.