League sources told ESPN and MLB Media on Sunday that Rizzo will earn $16.5 million next season, the first of two option years the Cubs hold on him. The team has yet to confirm the decision on Rizzo's option.
"He's just so important to everything we do on the field and off the field," Cubs president of baseball operations Theo Epstein said in September. "There's a personal connection with every player, every staff member, everyone in the organization because of what he's done here and his personality, who he is."
Rizzo, 30, set single-season career highs with a .293 batting average and .405 on-base percentage. He ended the season with 27 home runs, 94 RBIs and 89 runs scored in 146 games.
In eight seasons in Chicago, Rizzo has a .277 average with 217 homers and 720 RBIs in 1,158 games.
The move comes one day after the Cubs picked up the $10.5 million team option for left-handed pitcher Jose Quintana and declined the $7 million option for pitcher Derek Holland. Pitcher Yu Darvish and outfielder Jason Heyward also decided not to opt out of their long-term contracts.