The right-hander will earn $5.5 million in 2015 if the Cubs pick up the option.
Veras, 33, will be the Cubs’ closer in 2014 pending a physical. He was 0-5 with a 3.02 ERA, 8.6 K/9 and 3.2 BB/9 for the Houston Astros and Detroit Tigers last season, recording 19 saves for Houston and two after he was traded to Motown. He also had four blown saves and gave up a grand slam to Shane Victornio in Game 6 of the American League Championship Series.
Veras’, who must pass a physical, fastball clocks in between 93-96 mph and a slider that breaks about eight inches, which ranges between 79-83 mph.
He was previously traded from the Pirates to the Brewers after the 2011 season for Casey McGehee.