Pederson's pact with the Cubs is pending a physical.
The 28-year-old outfielder hit .190 with seven home runs and 16 RBIs in 43 games last season for the World-Series-champion Dodgers. The 2015 All-Star also hit a career-high .249 with 36 home runs and 74 RBIs in 149 games in 2019.
Pederson hit .230 with 130 home runs in 748 games during his seven-year tenure with the National League West franchise. He went 4 for 10 with a home run and three RBIs in six World Series games last postseason.
The former Dodgers star is expected to join Jason Heyward and Ian Happ in the Cubs' outfield for most games.
The Cubs went 34-26 last season and finished in first place in the National League Central division. The Miami Marlins then swept the Cubs in the National League Wild Card Series.