The 29-year-old has signed a four-year extension with the team according to MLB.com, this following a season in which he went 14-11 with a 3.44 ERA for the Cubs.
The four-year extension is for a reported $55.5 million with a vesting option for a fifth season reports Ken Rosenthal of Fox Sports.
Hendricks originally was drafted by the Los Angeles Angels in the 39th round of the 2008 MLB Amateur Draft.
He joined the Cubs in 2014, and in five seasons has gone 52-33 with a 3.07 ERA.
His best season came in the Cubs championship season of 2016 when he went 16-8 with a National League best 2.13 ERA.
Hendricks has pitched much better at Wrigley Field than on the road, as his home ERA over the last five seasons is 2.74, while on the road it jumps to 3.41.