The Cubs went to great lengths to outbid the competition for Cuban outfielder Jorge Soler.
CBS Sports analyst Jon Heyman reported the contract was worth about $30 million over nine years.
Soler, 20, is a right-handed power-hitting outfielder. His contract rights were expected to something in the neighborhood of the four-year, $36 million deal signed by Yoenis Cespedes with the Oakland Athletics.
The Post reported the Yankees and Dodgers were close in the bidding but the Cubs were willing to up their bid to guarantee Soler would sign in Chicago.
Soler's representatives requested final bids last week and called teams to confirm their final offers over the weekend.