Chicago reportedly made a multi-year offer in the $160 million-170 million range during spring training in 2020, according to Jon Heyman of MLB Network. The deal's length was not included in the report.
Baez, 28, is hitting .214/.267/.464 over his first 15 games of the year with four homers, five steals, and a 98 wRC+. Like many Cubs hitters, the two-time All-Star is coming off a horrendous 2020 campaign, posting a 57 wRC+ (43 percentage points worse than the league average) over 59 games.
While other players - including Francisco Lindor, who landed a $341-million megadeal from the New York Mets - set an Opening Day deadline for discussing an extension, Baez has gone on record saying he is willing to negotiate in-season.
Chicago is off to a horrendous start to the season after pivoting toward a rebuild this past winter. The 6-9 club ranks last in the division and owns the worst run differential in the National League. The Cubs traded away Yu Darvish and parted ways with Kyle Schwarber this past offseason and have Baez, Anthony Rizzo, and Kris Bryant on expiring deals.