Victorino will earn $1 million in base salary if he makes the major league club, with an opportunity to earn an additional $1 million in performance bonuses, an MLB source told ESPN's Jerry Crasnick.
The 35-year-old Victorino will battle for the final spot in an outfield that includes Jorge Soler, Jason Heyward and newly returned free agent Dexter Fowler. Victorino and Fowler worked out in the offseason together in Las Vegas and signed with the team on back-to-back days.
"I'm excited for the opportunity here at spring training," Victorino said. "I understand the passion of Cubs fans."
Victorino said he is healthy after struggling through some injuries in recent years. He is reunited with several former Red Sox players who helped the team to a World Series title in 2013.
"I've been able to win a championship with [John] Lackey, [David] Ross, [Jon] Lester," Victorino said. "And playing against Joe [Maddon] all those years, he did not have the best team on paper, he always found a way for the guys to be the best."
Victorino indicated he is not really interested in playing at Triple-A at this point in his career and hopes to join the Cubs for what could be a special season.
"Being a fan of this game, 100-plus years without a championship, if we can pull this off and bring one here [would be great]," Victorino said. "People talk about Philly in 2008, Boston we did it for the city; to win it as Cubbie, I can't be more excited. The smile on my face says it all."