A Boston radio station reported Wednesday that Theo Epstein's deal with the Cubs will be for more than $15 million for five years.

WEEI's John Dennis reported that Epstein already has agreed to the deal and it will be announced later this week after compensation is decided. The Cubs had no comment on the report.

A team source said Wednesday that Epstein would command a big contract "as you would expect of something with his credentials."

ESPN's Buster Olney also reported that the deal is done. Olney reported that Epstein and the Cubs have met twice, and that Red Sox management is fully prepared for his departure. Olney reported that the Cubs' deal with Epstein is closer to $20 million than $15 million, because of a $3.5 million conclusion bonus they inherited from his Red Sox contract.

Joel Sherman of the New York Post tweeted that Epstein made it clear to the Red Sox that he wouldn't return when his contract expired after the 2012 season. Sherman reports that the Red Sox didn't want an expensive lame duck whose parachute would increase by another $1 million if he stayed another year, so they gave Epstein the OK to pursue the Cubs' job.

Jon Heyman of SI.com reported that either cash or minor-league players will go to Boston as compensation, and that the Red Sox would be content with cash. Epstein assistant Ben Cherington is likely to inherit the Red Sox's GM job, Heyman reported.

Meanwhile, Ryne Sandberg's name has surfaced in speculation about managerial possibilities when Epstein takes over the Cubs. Gordon Edes of ESPNBoston.com notes that Epstein offered Sandberg the managing job at the Red Sox's Triple-A Pawtucket affiliate before the Hall of Fame second baseman decided to manage at Lehigh Valley in the Phillies' system.

Edes reports that an executive with another major league team said that based on his talks with Cubs officials, Sandberg would be a candidate for the job.