Beth Murphy, owner of Murphy's Bar across the street from the Cubs' Wrigley Field home, told the Chicago Tribune she was out walking her dog when she saw the items in the trash, including a giant memorial card fans signed for Santo shortly after this 2011 death.
The team had earlier apologized for the incident and said it couldn't locate the items after they had accidentally been tossed out.
Murphy said she instructed some of her bartenders to remove the memorabilia and put them on display at the bar, adding she had been in contact with Santo's son Jeff Santo and would be willing to give him the items.
"I'm glad the stuff was saved by Beth Murphy and I'm looking forward to going to see it Saturday," Santo told the newspaper.
Murphy is a key member of a coalition of property owners across from the ballpark who have erected bleachers on their roofs and are now battling the club over stadium renovation plans.