CHICAGO -- Theo Epstein became the president of baseball operations for the Cubs on Friday night after resigning with a year left on his contract as general manager of the Red Sox.

Epstein reportedly will receive a five-year deal worth about $18.5 million. Red Sox assistant GM Ben Cherington is expected to replace him.

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The teams negotiated for more than a week over compensation the Red Sox would receive for letting Epstein out of his contract. They decided to put off that issue, saying it will be resolved in the near term.

Epstein became the youngest GM in major-league history in 2002 at 28 and, two years later, became the youngest GM to win it all. The Red Sox ended an 86-year world championship drought in 2004 and won again in 2007. The Cubs haven't won a World Series since 1908.-- AP