(SportsNetwork.com) - The Chicago Cubs are in the process of finalizing an agreement to make Joe Maddon their next manager, according to CBSSports.com

The report said that a deal between Maddon, who exercised an opt-out clause in his contract with the Tampa Bay Rays last week, and the Cubs is expected to be completed in the coming days and will make the two-time American League Manager of the Year among the highest-paid skippers in baseball.

The Cubs have so far denied that an agreement is in place.

Maddon unquestionably became the most coveted managerial candidate available once he parted ways with the Rays last Friday following a highly successful nine-year tenure. His exodus came shortly after general manager Andrew Friedman left the organization to become the president of baseball operations for the Los Angeles Dodgers.

Despite annually operating with one of the lowest payrolls in the majors, the Rays were a consistent contender for much of Maddon's reign. Lauded for his ability to work with young players and to maximize the available talent on hand, the charismatic manager guided Tampa to six consecutive winning seasons that began with an unexpected run to the World Series in 2008.

The Rays, who had never won over 70 games in their first 10 seasons prior to that 2008 breakthrough, also reached the playoffs in 2010, 2011 and 2013.

Maddon amassed a 754-705 overall record in Tampa Bay and guided the Rays to a pair of division titles in addition to the 2008 AL pennant.

In Chicago, he'll take over a long-suffering franchise that has endured five consecutive losing campaigns but did show moderate improvement in current manager Rick Renteria's first season on the job. The Cubs finished with a 73-89 record in 2014 after winning 66 and 61 games the previous two years.

According to the CBS report, the Cubs had informed Renteria earlier in the week of their pursuit of Maddon.

The Cubs had been linked as a potential desired destination for Maddon due to their strong farm system as well as the organization's ability to spend on free agents, a luxury he never had under the low-budget Rays.

Maddon is also believed to have a positive relationship with Cubs president of baseball operations Theo Epstein, who reportedly nearly hired the 60-year-old to manage the Red Sox while still in charge of Boston's baseball operations back in 2004. Maddon, then a longtime bench coach for the Angels, ultimately lost out to Terry Francona for the job.