The Cubs announced the deal Tuesday.
Lee was due to make $9.42 million in the final season of his $22.5 million, three-year deal, but the new contract replaces those terms, as it is effective this season, ESPN The Magazine's Buster Olney reported. Lee's new contract, which calls for a $13 million annual salary from 2006-10, contains a complete no-trade clause, Olney reported.
"It's fairly likely something will be worked out," agent Casey
Close said Monday. "We still have to iron out some things."
Late last week, Lee said he would break off negotiations for the
rest of the season if the sides did not reach an agreement by last
Saturday, but he later softened his stance.
"There could be loose ends if it does work out," Lee said.
"If there's a gap, we'll see. But it sounded like they're getting
He joined the Cubs before the 2004 season in a trade from
Florida, one year after helping the Marlins beat Chicago in the NL
Championship Series and then win the World Series.
During spring training, Lee said he wouldn't necessarily be
seeking the biggest contract.
"If it's a deal I feel is fair for me, I would sign it. It's
still a business. I always look at it as if there is a deal that
makes me happy now, why not sign it? I don't think $2-3 million a
year more is going to change my life," he said.
Lee started quickly last season and finished by leading the NL
in average (.335), hits (199), doubles (50) with 46 homers and 107
RBI while winning a Gold Glove at first base.
He is a career .277 hitter with 211 homers and 631 RBI in 1,190
games with the San Diego Padres, Florida Marlins and Cubs.
Through the first five games this season, Lee is batting .375
with three homers and six RBI.
Information from The Associated Press was used in this report.