Wood, 34, was 3-5 with a 3.35 ERA in 55 games for the Cubs last season, recording a save. He struck out 57 batters in 51 innings, walking 21. Wood was also being pursued by the Phillies, but elected to stay with the Cubs.
Since coming up with the Cubs as a starter in 1998, Wood has transitioned into a bullpen weapon, appearing in 258 games as a reliever over the last seven seasons, going 15-18 with a 3.43 ERA with 294 strikeouts in 254 2/3 innings. He has 63 career saves, serving as the Cubs closer in 2008 and for the Indians in 2009 and 2010.
The announcement was made at the Cubs Convention and greeted with cheers by the crowd.For more baseball news, rumors and analysis, follow @EyeOnBaseball on Twitter, subscribe to the RSS feed and "like" us on Facebook.