Epstein deal with Cubs expected to be announced Friday

The Chicago Cubs and Boston Red Sox have nearly completed a deal that would make Theo Epstein the Cubs' president of baseball operations, ESPN.com reported, citing a Major League Baseball source.

The deal is reportedly going to be finalized Thursday with an announcement expected Friday, an offday during the World Series. The Cubs have already received permission to hold a news conference Friday.

Compensation for Epstein's services has held up the deal for more than a week and has taken many forms. Boston initially asked for Cubs ace Matt Garza, and also proposed that Chicago take on pitcher John Lackey's contract, which has three years remaining on a five-year, $82.5 million contract.

The agreement will include minor leaguers, though not top prospects Brett Jackson, Trey McNutt and Matt Szczur, ESPN.com reported, citing a source.

In a corresponding move, San Diego Padres general manager Jed Hoyer is expected to become Cubs GM a few days after Epstein's news conference, according to ESPNChicago.com, though an email from Padres owner Jeff Moorad to ESPNBoston.com Wednesday night said that the Cubs hadn't asked for permission to speak with Hoyer.

Hoyer will then be replaced by Josh Byrnes, who is currently the team's senior vice president of baseball operations. Byrnes was GM in Arizona when Moorad was part-owner of the Diamondbacks.