Kerry Wood is returning to the Chicago Cubs, agreeing to a one-year, $1.5 million contract, a person familiar with the negotiations told The Associated Press.

The person spoke Thursday on condition of anonymity because the agreement had not yet been announced.

Wood pitched for the Cubs from 1998-08, winning NL Rookie of the Year honors that first season when he was a hard-throwing starter.

He signed with the Indians as a free agent in December 2008 and was traded from Cleveland to the New York Yankees last July. Wood became Mariano Rivera’s primary setup man and was 2-0 with a 0.69 ERA in 24 appearances with New York.

Wood’s career has been slowed by numerous injuries. He is expected to be a late-inning reliever and a bridge to closer Carlos Marmol.

In 12 seasons, Wood is 83-68 with a 3.65 ERA and 62 saves – 34 of those with the Cubs when he was their closer in 2008.

AP Sports Writer Ronald Blum contributed to this report.

Updated on December 17, 2010 at 8:34 AM

Sources tell 670 The Score that Kerry Wood has signed a one-year contract with the Chicago Cubs. Exact terms of the deal were not available.

A fourth overall selection by the Cubs in the 1995 Amateur Draft, Wood spent nine seasons in a Cubs uniform. He is most remembered for his 1998 20-strike out, one-hitter against the Houston Astros.

Sources also tell The Score that Wood turned down a two-year contract with the Chicago White Sox.

Originally posted on December 16, 2010 at 3:42 PM

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