Cubs, Zambrano hammering out five-year contract

	Big Z was 16-7 with a 3.41 ERA last season, finishing with a career-high 210 strikeouts. Bob Levey/WireImage.com

By Jon Heyman and John Donovan, SI.com

The Chicago Cubs and ace Carlos Zambrano are in serious negotiations on a contract that would pay the right-hander $80-85 million over five years, the largest contract for a non-free-agent pitcher in baseball history.

Zambrano's agent, Barry Praver, told SI.com Sunday night that the two sides have agreed to an "indefinite" extension of the deadline for signing Zambrano. Cubs general manager Jim Hendry, speaking from Cincinnati, expressed optimism that the two sides could come to an agreement. Still, neither Hendry nor Praver would say when a final resolution might be reached.

Zambrano, who could become a free agent after the season, has said for months that he would not talk about a contract extension after Opening Day, preferring instead to concentrate on the season. But Praver and Hendry have exchanged several proposals over the past couple of weeks, and both said there has been progress toward an agreement, prompting Sunday's decision to suspend the deadline for Zambrano to sign. The Cubs open their season Monday afternoon against the Reds in Cincinnati.

The deal between the Cubs and Zambrano would outpace the five-year, $73 million extension that the Houston Astros gave their ace, Roy Oswalt, last August and it would close in on the annual average value of Barry Zito's seven-year, $126 million contract with the San Francisco Giants ($18 million annually), the largest contract ever given a pitcher. Zambrano is already guaranteed $12.4 million for 2007 after settling with the team before an arbitration hearing.

The proposed deal would void the current contract, putting Zambrano under contract to the Cubs through 2011. The final numbers on the contract with the Cubs depend on a few factors, such as whether the Cubs grant a full no-trade clause, an out clause and certain bonuses.

Hendry, who spent close to $300 million in contracts this winter, has a history of re-signing Cubs players who want to stay with the team. They include third baseman Aramis Ramirez, first baseman Derrek Lee and closer Ryan Dempster.