Cahill was designated for assignment by the Atlanta Braves in June after posting a 7.52 ERA in 15 games and being demoted to the bullpen. The 27-year old made his first appearance with Chicago on Sept. 2, and went on to pitch for a 2.12 ERA in 17 innings as a reliever.
The agreement between the Cubs and Cahill is pending a physical, reports Ken Rosenthal of Fox Sports.
Cahill started his career with Oakland in 2009 and was an All Star with the A’s in 2010, when he produced the only sub-3 ERA season of his career. His career ERA stands at 4.13.
Last week, the Cubs also reportedly signed starting pitcher John Lackey to a two-year deal worth $32 million.