Wood, 26, made his first All-Star team last season, posting a 3.11 ERA in 32 starts. He was just 9-12 but had 24 quality starts, fourth-best in the National League. Wood made $527,500 in 2013, just over the minimum salary.
The Cubs avoided arbitration last week with outfielder Nate Schierholtz, infielder Luis Valbuena and relievers James Russell and Pedro Strop by signing them to one-year deals. Jeff Samardzija, Darwin Barney and Justin Ruggiano have not come to agreements with the Cubs and have exchanged salary figures in advance of arbitration hearings in early February. Deals can still be struck between now and the hearings, and even during the hearings.
No Cubs player has gone to arbitration since the new front office took over after the 2011 season.