Updated Oct. 20, 2011 at 10:02 a.m.

(CBS) Theo Epstein is expected to be announced as Cubs President of Baseball Operations Friday at Wrigley Field, according to the Chicago Tribune’s Paul Sullivan.

The report says Commissioner Bud Selig will give the Cubs permission to make the announcement on the first off day of the World Series.

Epstein is expected to bring San Diego Padres general manager Jed Hoyer to Chicago to be the Cubs GM, according to the report.

Multiple outlets indicated progress was made between the Cubs and Red Sox Wednesday regarding compensation for Theo Epstein.

The Boston Globe reported Thursday that the Cubs would be sending “a package of prospects” to the Red Sox as compensations.

Comcast Sports Net’s David Kaplan reported Wednesday that while Epstein topped chairman Tom Ricketts’ list for Jim Hendry successors, Epstein was not the only candidate interviewed.

Kaplan writes:

Several sources confirmed to me today that while Epstein was the top choice of Cubs chairman Tom Ricketts all along, he was not the only candidate that Ricketts interviewed as he explored every avenue before making a hire. One candidate who interviewed and requested anonymity spoke of Ricketts long term plan.

“I was very impressed with Ricketts’ openness and honesty to do whatever it takes to make the Cubs one of the elite franchises in all of baseball,” he said. “He is focused on the organization as a whole, not just a quick fix to stabilize the major league club. He is fully prepared to spend significant dollars on baseball operations and he is going to allow the next GM total authority. I wish it was going to be me but they are getting a great one in Theo Epstein and he and his staff should have the ability to appropriate how they want to spend the budget which should be in the area of 150 million dollars including the draft and amateur signings.”

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