Taillon, 31, was among the top pitchers remaining in free agency and is the latest big acquisition for the Cubs, who earlier Tuesday reached a one-year, $17.5 million agreement with slugger Cody Bellinger, sources told Passan.
Taillon is coming off one of the best seasons of his career, going 14-5 with a 3.91 ERA and striking out 151 in 171⅓ innings for the New York Yankees.
A hard-throwing right-hander, he has bounced back since arriving in the Bronx in a January 2021 trade with the Pittsburgh Pirates, returning to form after making just seven starts in 2019 and missing all of 2020 after undergoing Tommy John surgery.
He fits into the Cubs' rotation with veterans Marcus Stroman and Kyle Hendricks along with young pitchers Justin Steele and Keegan Thompson. Hendricks' 2022 season ended early because of a slight tear in his pitching shoulder, so adding Taillon provides further depth. The Cubs also re-signed righty Adrian Sampson and have Hayden Wesneski, a July addition from New York.
The No. 2 overall draft pick in 2010, Taillon was also a 14-game winner for the Pirates in 2018.