Strop, 31, and the Cubs had exchanged figures, with the pitcher asking for $6 million and the team proposing $4.6 million.
Strop tore the meniscus in his left knee in early August and returned Sept. 23. He compiled a 2.85 ERA over 47 1/3 innings in 54 games. The right-hander is eligible for free agency next offseason.
Cubs pitchers and catchers report to Arizona on Tuesday, with the first workout scheduled for the next day at the team's complex.
Carrie Muskat has covered the Cubs since 1987, and for MLB.com since 2001. She writes a blog, Muskat Ramblings. You can follow her on Twitter @CarrieMuskat and listen to her podcast. This story was not subject to the approval of Major League Baseball or its clubs.