Update 11:24am: Jerry Crasnick of ESPN says that the performance bonuses could be up to $2.05 million.

Update 11:07am: Jon Heyman of Sports Illustrated said that Nady’s contract is for $3.3 million guranteed plus $2 million incentive based on games played.

09:54am: According to Tim Brown of Yahoo Sports, the Chicago Cubs have signed free agent outfielder Xavier Nady to a one-year contract pending a physical.

The Cubs have been seeking a fourth outfielder to compliment Kosuke Fukudome, Alfonso Soriano and Marlon Byrd.

Nady, 31, is recovering from Tommy John elbow surgery but is scheduled to be ready by Spring Training. He played in 7 games for the Yankees in 2009 before going down with the injury. In 2008 Nady hit .305 with 25 home runs and 97 RBIs for the Yankees and Pirates.

You can see Xavier Nady’s contract details and statistics here.