The deal also includes an opt-out, the source told Olney.
While he struck out a league-high 184 times last season, Baez finished hitting .265 with 31 homers, 87 RBIs and 18 steals. He would also bring gold glove defense to Detroit with his signature no-look tags.
The Cubs selected Baez in the first round of the 2011 draft. The two-time National League All-Star had been close to signing a long-term extension with Chicago before the 2020 season, but the COVID-19 pandemic put negotiations on hold.
Those contract talks never resumed, and the Cubs traded Baez to the Mets this past July.
ESPN’s Jesse Rogers contributed to this report.