The Chicago Cubs and 2015 National League Cy Young Award winner Jake Arrieta have avoided arbitration, agreeing to a one-year, $15.64 million deal, an MLB source confirmed to ESPN's Jerry Crasnick on Friday.
FanRag Sports first reported the agreement.
"It's nice to get that done so we don't have to exchange numbers," Cubs president Theo Epstein said. "I'm glad we were able to come to terms. We'll see if other conversations take place, great."
The right-hander is eligible for free agency in 2018.
"There is certainly a chance he could be here beyond next year, but we don't have any ongoing talks or anything specific scheduled," Epstein said. "I'm sure it will come up at some point."
Arrieta, 30, made $10.7 million through arbitration in 2016. He went 18-8 with a 3.10 ERA during the 2016 regular season and then helped the Cubs win their long-awaited World Series championship.
They exchanged arbitration numbers with Pedro Strop, with the team offering $4.6 million and the reliever countering at $6 million, according to multiple reports.
ESPN's Jesse Rogers and The Associated Press contributed to this report.