The Chicago Cubs are in "hot" pursuit of free-agent pitcher John Lackey, sources tell Tim Brown of Yahoo Sports, with discussions reportedly focused on potential two- and three-year deals for the veteran right-hander.

It's unclear whether the club has engaged Lackey in formal negotiations.

Lackey, 37, was a revelation last season pitching on a major-league minimum salary for the St. Louis Cardinals, fashioning a career-best 2.77 ERA (143 ERA+) with a 1.21 WHIP over 218 innings, his most since 2007.

Though the move would reunite Lackey with Cubs president of baseball operations Theo Epstein from their days together in Boston, it would also come at a steep cost. Any team that signs Lackey will be required to surrender a compensatory draft pick after he rejected the Cardinals' one-year, $15.8-million qualifying offer last month.