Source: Cubs, Reds agree on trade

The Chicago Cubs and Cincinnati Reds have agreed to a trade in principle that will send pitcher Travis Wood and two minor-leaguers to the Cubs for left-handed reliever Sean Marshall, according to a source familiar with the situation.

The deal is pending physicals that have to be taken by all four players.

Wood, who turns 25 in February, was 6-6 with 4.84 ERA in 18 starts last season with the Reds. Wood beat the Cubs in his major league debut on July 1, 2010, allowing two runs on two hits in seven innings. He finished his rookie season 5-4 with a 3.51 ERA in 17 starts.

Wood pitched 10 games at Triple-A Louisville last season, going 2-3 with a 5.33 ERA.

Marshall, 29, could be used as a set-up man or as a possible closer, due to the fact Reds' closer Francisco Cordero is a free agent. Marshall was one of the top left-handed set-up men in baseball last season. Last season he went 6-6 with 2.20 ERA and had 34 holds, tied for second in the majors among left-handed relievers. That was also a single-season team record.

Marshall is set to make $3 million in 2012, and he will be a free agent after the season.

The potential loss of Marshall means John Gaub, James Russell and Scott Maine will have an opportunity to move up as a primary setup man from the left side.

It's uncertain when a deal will be announced.

Bruce Levine covers baseball for ESPNChicago.com and ESPN 1000.