The Chicago Cubs are sending relief pitcher Chris Carpenter to the Boston Red Sox as compensation for hiring Theo Epstein as president of baseball operations.

The Cubs and Red Sox will also exchange players to be named at a later date.

The sides had been unable to agree on compensation since Epstein left as general manager of the Red Sox in October. The matter was eventually passed on to commissioner Bud Selig and both sides submitted written arguments to Selig last week. But Epstein indicated Tuesday that the sides finally agreed on their own.

"I am relieved that this process is over and particularly pleased that the teams were able to reach agreement on their own without intervention from MLB," Epstein said in a statement. "I truly hope and believe that this resolution will benefit both clubs, as well as Chris, who is an extremely talented reliever joining a great organization at a time when there's some opportunity in the major league bullpen."

"More than anything, I'm excited that we can all move forward and focus exclusively on getting ready for the season. I wish Chris and the Red Sox nothing but the best in 2012 and beyond."

To make room on the roster for Carpenter, the Red Sox placed reliever Bobby Jenks on the 60-day disabled list as he recovers from back surgery.