Kerry Wood is returning to the Chicago Cubs, agreeing to a one-year, $1.5 million contract, a person familiar with the negotiations told The Associated Press.

The person spoke Thursday on condition of anonymity because the agreement had not yet been announced.

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Wood pitched for the Cubs from 1998-08, winning NL Rookie of the Year honors that first season when he was a hard-throwing starter.

He signed with the Indians as a free agent in December 2008 and was traded from Cleveland to the New York Yankees last July. Wood became Mariano Rivera’s primary setup man and was 2-0 with a 0.69 ERA in 24 appearances with New York.

Wood’s career has been slowed by numerous injuries. He is expected to be a late-inning reliever and a bridge to closer Carlos Marmol.

In 12 seasons, Wood is 83-68 with a 3.65 ERA and 62 saves – 34 of those with the Cubs when he was their closer in 2008.

AP Sports Writer Ronald Blum contributed to this report.

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Updated on December 17, 2010 at 8:34 AM

Sources tell 670 The Score that Kerry Wood has signed a one-year contract with the Chicago Cubs. Exact terms of the deal were not available.

A fourth overall selection by the Cubs in the 1995 Amateur Draft, Wood spent nine seasons in a Cubs uniform. He is most remembered for his 1998 20-strike out, one-hitter against the Houston Astros.

Sources also tell The Score that Wood turned down a two-year contract with the Chicago White Sox.

Originally posted on December 16, 2010 at 3:42 PM

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