To this point, the Cubs and Red Sox have been unable to determine compensation for Epstein, who left Boston on Friday after nearly nine years as the general manager.
Commissioner Bud Selig said before Sunday night's Game 4 of the World Series that the sides have until Nov. 1 to get a deal done. If it isn't resolved by then, he will resolve it.
"They have until Nov. 1 -- Theo and Ben [Cherington] and all the parties involved," Selig told a small group of Boston-based reporters Sunday night in Arlington, Texas, where Game 4 of the World Series was played. "Hopefully, they can get things done. I always encourage clubs to try to get things done between themselves. Somehow, the Commissioner has enough things of controversy [to deal with].
"They'll either get it done or they won't. If they don't, then I will."
The Red Sox and Cubs had originally planned on waiting until compensation was finalized before announcing that Epstein was switching jobs.
But with the talks already having dragged on for more than a week, the two teams issued a joint statement late Friday night saying that Epstein had resigned from his post in Boston to take his new position with Chicago.
Cherington will be named the next general manager of the Red Sox at a Fenway Park news conference at 3 p.m. ET on Tuesday. The Cubs have scheduled an 11 a.m. CT news conference at Wrigley Field to introduce Epstein.