There is not yet word on the official time that Nathan will join the club, but when asked about the reasoning behind the move, manager Joe Maddon said "you can never have enough pitching depth."
The deal is for the major league minimum $507,500, and includes a $1.5 million team option for next season. That option could increase to $1.75 million if Nathan plays in 30 games this year, spends 75 days on the major league roster, and finishes the year uninjured.
The 41-year-old is a six-time All-Star, and has the eighth most saves in MLB history with 377. He began his career with the Minnesota Twins, was productive with the Texas Rangers, and was most recently with the Detroit Tigers. He had 35 saves in his only full-year with Detroit in 2014, to go along with a 4.81 ERA.
He suffered a season-ending injury on Opening Day 2015 after completing a save against his former team, the Twins. He underwent Tommy John Surgery in April and did not appear in another game, ending his tenure with the Tigers.
The Cubs are hoping Nathan will be able to help out a bullpen that currently has four pitchers with an ERA over four. Nathan recorded 260 saves and 2.16 ERA in seven seasons in Minnesota, and 80 saves in two season with Texas. He will look to get back to his old form, and prove he still has what it takes to shut down a game on any given night.