The Cubs also agreed to one-year deals with Jeff Baker, Blake DeWitt, Ian Stewart, Chris Volstad and Randy Wells. Baker will earn $1,375,000, DeWitt $1,100,000, Stewart $2,237,500, Volstad $2,655,000 and Wells $2,705,000.
The signings leave Matt Garza as their only remaining player in arbitration. He asked for $12.5 million in arbitration and the Cubs countered at $7.95 million. Garza went 10-10 with a 3.32 ERA in his first season with Chicago.
Soto, who will be 29 on Friday, made $3 million in 2011 when he batted .228 with 17 home runs and 54 RBIs in 125 games, his most since 2008 when he played 141 and won the NL Rookie of the Year with a .285 batting average to go along with 23 home runs and 86 RBIs.
A career .258 hitter, Soto led all catchers with 13 errors in 2011.
Information from the Associated Press contributed to this report.