Quite late Wednesday evening, Paul Sullivan revealed in the Tribune:
The Cubs signed free agent left-hander Jonathan Sanchez to a minor league deal, according to a source. The deal is said to include incentives if he makes the major league roster.
This kind of signing is minimal- or no-risk. Sounds like a split contract, where he'd make the major-league minimum plus incentives if the makes the team, otherwise less if he winds up at Triple-A Iowa. He could be a bullpen piece, or part of the rotation at Iowa.
Sanchez threw a no-hitter for the Giants against the Padres July 10, 2009, and it was an unusual start for him because he didn't walk anyone. Walks and control issues have been Sanchez's problems for most of his career -- he issued the most walks of anyone in the National League with 96 in 2010 -- and his 2012 and 2013 seasons were awful.
But hey, at age 31 maybe he can fix these things and have a productive season or two. It's certainly worth a signing of this type; if he's really bad in spring training, he could likely just be released.
I chose the photo because of its rarity. Sanchez pitched in just three games for the Rockies late in the 2012 season.