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UPDATE: ESPN’s Buster Olney is reporting that Theo Epstein has agreed to a 5-year deal for nearly $20 million. The deal is expected to be finalized later this week.

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Chicago’s biggest offseason acquisition could be finalized within the next couple of days as the Cubs are reportedly very close to luring Red Sox GM Theo Epstein away from Boston. While Boston is hopeful to retain Epstein for the final year of his contract, the Sox would demand considerable compensation if Chicago were to sign Epstein as their new GM.

Under Epstein, the Red Sox have won two World Series (2004, 2007) and made the playoffs six times since 2002. With Boston’s monumental collapse this past September, some would prefer Epstein to ride out the remaining year on his deal and fix what is broken before he departs. Manager Terry Francona has already said goodbye, and if Epstein leaves, Boston loses arguably the two most important reasons that brought two World Series titles to this city.

Tags: Chicago Cubs, Red Sox, Theo Epstein