Bryant, who was the subject of trade rumors this off-season, recorded a .282 batting average with 31 home runs and 77 RBIs last season. He was eighth in the National League with 108 runs scored and finished 16th in on-base percentage (.382).
Bryant also has a service time grievance against the Cubs that was filed on his behalf by the MLBPA. According to ESPN, that grievance is expected to be resolved in the next two weeks.
If Bryant wins the grievance, this would be his final arbitration year and he would become a free agent after the 2020 season.
The Cubs selected Bryant with the No. 2 overall pick in the 2013 MLB Draft. He was named NL Rookie of the Year in 2015 and NL Most Valuable Player in 2016.
The Cubs also reached one-year agreements with shortstop Javier Baez, left fielder Kyle Schwarber ($7.01 million) and center fielder Albert Almora Jr. ($1.575 million), according to ESPN and MLB Media.