The deadline for accepting arbitration is 11 p.m. CT Wednesday. Third baseman Aramis Ramirez also was offered arbitration and is going to decline, according to multiple reports. Acceptance of arbitration results in a one-year contract at a slight raise.
New Cubs president of baseball operations Theo Epstein made the offers knowing that both players were looking for multiyear deals.
If Pena and Ramirez sign with other teams, the Cubs receive sandwich draft picks between the second and third rounds.
Pena signed a one-year deal with the Cubs last offseason, looking to up his value and cash in. He hit only .225 but had 28 homers, 80 RBIs and a .819 OPS.