The move, announced Thursday, likely ends Kerry Wood's 10-year tenure with the NL Central Division franchise.

In six major league seasons with the LA Angels and Marlins, Gregg is 18-21 in 271 games (eight starts) with 62 saves and a 4.00 ERA. In the 2008 season, he went 7-8 with 29 saves in 38 chances and a 3.41 ERA.

Wood, the 1998 NL rookie of the year when he was a starter, completed 34 of 40 save situations last season, and made the NL All-Star team.

He becomes a free agent, and can negotiate a deal with any team.

"I don't think we could do for (Wood) right now what he deserves and what he'll get by going elsewhere," Cubs General Manager Jim Hendry said on the team's Web site.