According to the tribune the deal is basically done: http://www.chicagotribune.com/sports/baseball/cubs/chi-10-winter-rumorsdec10,0,2321698.story

Obviously, very sad to see Kerry go. I don't mind him in the AL in Cleveland though, another city with a good fan base and they think they are working on a "curse" of their own. Have a long way to go though, haha. 

At this point, can we FINALLY admit that there is a better chance of Jake Peavy being a member of the Cubs than Kerry Wood? Or tomorrow will people still think that this was just some ploy and the Indians will now be part of a 7 team trade bringing Peavy, Roberts and Kerry Wood back?