The Boston Red Sox and the Chicago Cubs have come to terms with a deal that officially makes Theo Epstein the new President of Baseball Operations for the Cubs.



According to a joint statement released by both clubs Friday evening, Epstein resigned as GM of Red Sox in order to join the Cubs.



An agreement has been reached on compensation for the Red Sox which sill be "resolved in the near term."



Both clubs will hold press conferences Tuesday for the Cubs to introduce Epstein and for the Red Sox to name his successor.



Numerous publications have reported over the past week that Epstein and the Cubs had agreed to a five-year deal worth more than $15 million, however no financial details were released Friday.



The deal has been held up over the terms of compensation.



ESPN.com reported Friday that San Diego Padres general manager Jed Hoyer would be named Cubs GM days after Epstein's deal became official.



Epstein was the general manager for the Red Sox for nine seasons, a term that included two World Series titles for a team that hadn’t won a championship in 86 years.