Cubs, Theo Epstein sign five-year contract extension

Theo Epstein will remain at the helm for the Cubs for another five years.

The Chicago Cubs have signed a five-year contract extension with Theo Epstein to remain at the helm Cubs’ baseball operations, the team announced.

Epstein, 42, is in the fifth and final year of his $18.5 million deal that he signed in 2011. The new deal is reportedly worth more than the $8 million that the Los Angeles Dodgers pay Andrew Friedman as their president. USA Today's Bob Nightengale reports the deal may be worth more than $50 million.

The Cubs have the best record in baseball with 101 wins and won the National League Central Division title. The team is looking to win its first World Series since 1908.

Epstein joined the Cubs after serving as the Red Sox general manager from 2003 to 2011, which included World Series titles in 2004 (the team's first since 1918) and 2007.

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Owner Tom Ricketts and Epstein are expected to address the media in Pittsburgh to announce the extension.