That has apparently happened, according to a report out of the Dominican Republic:
This is an excellent move. Strop made only three appearances for the Reds this year and didn’t throw all that well, and he suffered a groin injury last month.
Presuming he’s healthy, why not? The Reds released him, so the Cubs are responsible for only a pro-rated portion of the minimum salary for this year. That comes to a little over $100,000, but that wouldn’t be paid unless Strop makes the major-league roster.
As of now, presuming this report is true, Strop would be assigned to the alternate training site in South Bend to work into shape. If nothing else, he could help mentor some of the younger pitchers there. Strop was one of the best-liked Cubs among his teammates during his 2013-19 tenure on the North Side and this is a zero-risk deal. If he can’t pitch it costs the team nothing. If he can, well, the Cubs could use the bullpen help and it costs almost nothing.
Well done, and welcome home, Pedro.
UPDATE: Here’s some further confirmation of this signing.
Source: Former Cubs reliever Pedro Strop is signing back with the Cubs. Was recently released by Cincinnati. Both Chicago teams had interest in him but he's going back to the N. Side. He'll report to the alternate site in South Bend.— Jesse Rogers (@JesseRogersESPN) September 4, 2020