The Cubs will send reliever Chris Carpenter to the Red Sox as compensation for letting Theo Epstein out of his contract.
Chicago and Boston will also exchange a player to be named later.
The process of settling compensation had taken four months to the day since Epstein quit the Red Sox.
Carpenter, a 26-year-old righthander, is a prospect who has played in 10 major league games.
Red Sox Receive Carpenter As Compensation For Epstein