The news comes via Bruce Miles:
#Cubs exercise 2015 option on pitcher Jacob Turner.— Bruce Miles (@BruceMiles2112) November 1, 2014
According to Cot's, Turner's option was for $1 million, about twice the minimum salary. Cot's also says:
if otherwise eligible for arbitration after 2013 or 2014, Turner may void option and file for arbitration
However, Turner's baseball-reference page says he's not eligible for arbitration until 2016, so that clause won't apply, and Turner will make the $1 million in 2015.
Turner clearly has talent; he's still just 24 and showed flashes of the reason the Tigers made him their 2010 first-round pick during his two-month stint on the Cubs' big-league roster in 2014. Perhaps Chris Bosio, with a full spring training of working with him, can turn him into the pitcher the Tigers wouldn't trade to the Cubs for Matt Garza in 2012. Instead they shipped him to the Marlins in the Anibal Sanchez deal.
Turner is out of options, and would certainly be claimed if waived after spring training 2015, so expect him to be on the Opening Day roster in some form, either in the rotation or perhaps as part of the bullpen.