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Cubs Reach One-Year Deal With Maholm

Jan 10, 2012 8:32 PM EST

The Cubs have agreed to a one-year contract with left-handed pitcher Paul Maholm.

The deal is worth $4.25 million and includes a club option for $6.5 million, with a buyout of $500,000, sources said.

"There were other talks with other teams but they didn't go real far," Maholm said. "With the talks with (Cubs general manager) Jed (Hoyer) it wasn't a clear-cut deal when we started, but it was something I wanted. After the new year I said to my agent, that's the place and to get it done."

Via Bruce Levine/ESPN.com