Jed Hoyer and the Chicago Cubs agreed to a multiyear contract extension Monday, a team source told the Tribune.

The Chicago Cubs have locked in president of baseball operations Jed Hoyer for the long term, agreeing to a multiyear contract extension.

The announcement of Hoyer's contract extension provides extra stability in the final days before Major League Baseball's trading deadline. If any rival general managers believed he might need to be more aggressive in order to keep his job -- and demand more in deals as a result -- then that bargaining angle has been quashed.