Gordon Wittenmyer of the Chicago Sun-Times was the first to report that both sides reached an agreement. The 26-year-old made $1.05 million last year.
Kris Bryant set a record with his one-year contract, worth an estimated $10.85 million - the most ever by a first-year arbitration eligible player.
Bryant has been an important piece to the Cubs' puzzle over the last few seasons. He played a vital role in winning the Cubs' first World Series titles in over 100 years back in 2016, including making the final out of the World Series. The 27-year-old is eligible for free agency after the 2019 season.
Baseball's current collective bargaining agreement provides language that allows clubs a wide lens to analyze a player's contributions, "including but not limited to his overall performance, special qualities of leadership and public appeal". The biggest question heading into 2018 is whether Bryant will continue to bat primarily out of the two hole (411 at-bats last season).More news: Tennessee coach Jeremy Pruitt tackles Jauan Jennings issue out of the gate
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There were 189 players eligible for arbitration after teams offered contracts on December 1 to unsigned players on their 40-man rosters, and 173 remained set to swap as of Thursday evening.
Theo Epstein's front office has never gone to arbitration with any player.
First-year-eligible starter Kyle Hendricks, the major-league ERA leader in 2016, got $4.175 million.
The Cubs and reliever Justin Grimm didn't reach an agreement yet and are expected to exchange salary figures soon.