Chicago Cubs acquire pitcher Derek Holland from SF Giants

July 27 (UPI) -- The Chicago Cubs are acquiring left-handed pitcher Derek Holland for cash considerations in a trade with the San Francisco Giants, the teams announced Friday.

League sources told ESPN the Giants agreed to send the Cubs about $1.8 million to cover a large portion of Holland's remaining salary for this season. San Francisco also agreed to a conditional $500,000 payment for Holland's buyout if the Cubs decline his $6.5 million option for next season.

Holland began the year as the Giants' No. 2 starter in the club's pitching rotation but was switched to the bullpen in May. He has appeared in 31 games this season, posting a 2-4 record with 71 strikeouts and a 5.90 ERA.

The Giants designated the 10-year MLB veteran for assignment Monday after he allowed four earned runs in one inning against the New York Mets on July 20. In his last 10 appearances dating to late June, he posted a 0.68 ERA.

Holland, 32, has a 78-77 lifetime record across 221 starts with 4.51 ERA in 275 major league appearances with the Texas Rangers (2009-16), Chicago White Sox (2017) and Giants (2018-19).

The Cubs designated left-handed pitcher Tim Collins in a corresponding roster move. Chicago also recalled Ian Happ from Triple-A Iowa for Friday night's game against the Milwaukee Brewers.