Kerry Wood

According to David Kaplan of CSNChicago.com, the Cubs have re-signed reliever Kerry Wood.

Jon Paul Morosi of FOXSports.com reports that the Cubs and Kerry Wood have reengaged in talks and are “making progress” toward a one-year deal with an option for 2013.

A source told CSNChicago.com’s David Kaplan on Tuesday morning that Wood was ready to move on because the Cubs wouldn’t give him a fair market rate, but Cubs GM Jed Hoyer later said that they have offered him a “substantial raise.” Wood, 34, made $1.5 million last season while posting a 3.35 ERA and 57/21 K/BB ratio over 51 innings. The Phillies have also reportedly expressed interest.

According to John Fay of the Cincinnati Enquirer, the Reds are interested in free agent Kerry Wood.

“It depends on the cost,” Reds GM Walt Jocketty told Fay. Wood is also drawing attention from several other teams, including the Cubs and Phillies. He posted a cool 3.35 ERA and 57/21 K/BB ratio in 51 innings last season.

Cubs GM Jed Hoyer said Tuesday that the Cubs have offered free agent Kerry Wood a “substantial raise.”

Wood made a $1.5 million salary last season while posting a solid 3.35 ERA and 57/21 K/BB ratio in 51 innings of relief. A source told CSNChicago.com’s David Kaplan on Tuesday morning that Wood is ready to move on from the Cubs because they aren’t offering him a fair market rate. But perhaps things have changed.

CSNChicago.com’s David Kaplan heard from a source that Kerry Wood’s days as a Cub are “all but over.”

“Woody wanted to be here despite the rebuilding process,” said the source, “but while the Cubs were saying they wanted him back they were unwilling to pay him the market value for a solid set up man.” The 34-year-old right-hander has drawn interest from several other teams, and should have no trouble finding a decent contract. He posted a high quality 3.35 ERA and 57/21 K/BB ratio over 51 innings last year for Chicago.

Jerry Crasnick of ESPN.com reports that the Phillies are interested in free agent reliever Kerry Wood.

That’s assuming, of course, he doesn’t re-sign with the Cubs, which still seems likely but evidently is no longer a given. Crasnick says the Phillies’ interest could depend on the status of Jose Contreras, who had season-ending elbow surgery in August. Wood, 34, posted a 3.35 ERA and 57/21 K/BB ratio over 51 innings last season and would make a fine setup man for Jonathan Papelbon.

Jerry Crasnick of ESPN.com was told by a baseball source that Kerry Wood is still talking with multiple clubs and a deal with the Cubs is “far from done.”

Nick Cafardo of the Boston Globe reported Friday afternoon that the two sides were close to a deal. Crasnick hears otherwise, but we still think it’s inevitable they’ll eventually come to terms. Wood, 34, posted a 3.35 ERA and 57/21 K/BB ratio over 51 innings last season. He’s reportedly looking for a raise from the $1.5 million salary he earned in 2011.

Nick Cafardo of the Boston Globe reports that the Cubs are close to re-signing Kerry Wood to a one-year deal.

It was inevitable that the two sides would eventually work something out, as Wood doesn’t want to pitch anywhere else. He wants a raise from the club-friendly $1.5 million deal he pitched under last season, but he’ll still probably wind up taking a little less than he could have earned on the open market. The 34-year-old posted a 3.35 ERA and 57/21 K/BB ratio over 51 innings in 2011.

During an appearance Wednesday on WGN radio in Chicago, Cubs general manager Theo Epstein indicated that he would be disappointed if the club wasn’t able to re-sign Kerry Wood.

“Kerry Wood is the type of pitcher we want to have to help us build a winning culture,” said Epstein. “If we don’t get him signed, shame on us.” Wood gave the Cubs a discount last offseason when he signed a team-friendly $1.5 million contract, but the 34-year-old right-hander wants a raise after posting a 3.35 ERA and 57/21 K/BB ratio over 51 innings in 2011.