Wood, the 1998 NL Rookie of the Year who saved 34 games this year, had been the longest-tenured player on the Cubs. General manager Jim Hendry said Wood was deserving of a three- or four-year deal and the Cubs are not prepared to offer him one.

The trade was first reported by FOXSports.com's Ken Rosenthal.

In addition to the right-handed Gregg, who was the Marlins' closer until the final month last season, Chicago also has a talented setup man in Carlos Marmol, who could close.

"We're just in a situation — and Kerry fully understands — that length of deal for the kind of salary that he could command right now is not our first priority," Hendry said during a conference call.

He said the Cubs need to finish their rotation — they hope to bring back free agent starter Ryan Dempster — and add offense.

"We felt it was time Kerry goes out and does what is best for him and his family and get a huge multiyear deal, if possible," Hendry said. "This is really the right thing to do. We've had some really honest conversations in the last week. We don't have to get into how much I think of him, but at the same time I don't think we could do for him right now what he deserves and what I think he'll get going elsewhere."

Wood made an immediate impact as a rookie when he struck out 20 Houston Astros in his fifth major league start. He had four double-digit win seasons for the Cubs, but his career has been sidetracked by elbow and shoulder injuries.

Florida Marlins News News » Cubs land Gregg in deal with Marlins 2008-11-13
Cubs land Gregg in deal with Marlins 2008-11-13
CHICAGO (AP) - The Chicago Cubs acquired reliever Kevin Gregg in a trade with the Florida Marlins on Thursday, a move that appears to end Kerry Wood's career with the team. MLB Hot Stove