While this may not be their top objective this winter, the Cubs are reportedly hard at work on their first offseason priority according to 670 The Score's and Marquee Sports Network's reporter Bruce Levine. This past weekend, Levine said the Cubs are working on a contract extension with veteran starting pitcher Kyle Hendricks.

Hendricks, who returned from a capsular tear in his right shoulder back in May, had a solid bounce back year and showed the Cubs enough to keep them interested in retaining him around following a couple tough seasons for the World Series hero. The righty has a club option worth $16.5 million for the 2024 season, but the team is hoping to negotiate a multi-year deal according to Levine.

Unfortunately, Levine didn't reveal any other details about what a contract extension could look like for Hendricks or what the Cubs may be thinking in these talks.

Following the end of the regular season, Jed Hoyer expressed his desire to keep Hendricks in a Cubs uniform for a while longer.

"His season was exceptional given, truly I didn't have a great sense of what we were going to get out of him. "Obviously I'm not going to negotiate anything with you guys right now but certainly we want to keep him as a Cub for next year and beyond."

Jed Hoyer on Kyle Hendricks

Hendricks ended 2023 with a 3.74 ERA, posting a 2.8 fWAR in 137 innings. There were definitely some positive signs that a healthy Kyle Hendricks can still be a productive starter. He made 24 starts and Hendricks only allowed four or more earned runs three times. Really, there was just that one brutal start against the Atlanta Braves in early August that was truly bad for Hendricks in 2023.

If the Cubs and Hendricks are able to work out a new deal I think you have to imagine the team wants to lower the average annual value from that $16.5 million salary for 2024. Maybe three years, $30 million to $33 million? Now, that's just a pure guess from me, but I do think it's fair to debate either side of using that money to keep Hendricks around or use it to target other pitchers.

No matter what, the Cubs must seek out top tier starting pitching this offseason, whether that's in free agency or via trades. Even with a solid group of young starters that are fantastic depth in 2024, you can never have enough good starting pitching.

UPDATE: Hendricks Extension Not Coming Soon

So, although Bruce Levine reported that the Cubs are working on an extension with Kyle Hendricks, ESPN's Jesse Rogers isn't exactly hearing the same thing.

Earlier this week, Rogers was on the Waddle & Show on ESPN 1000, and although the expectation remains that the Cubs will indeed pick up the 2024 option for Hendricks, a contract extension isn't in play at the moment and may not be until spring.

Via ESPN 1000.

“I’ve been told that is not happening. If anything, (the Cubs) will exercise the option. There’s a chance they could talk in March, you know, Spring Training. But I don’t think he’s going to sign an extension any time soon …. I don’t discount the chance of signing up another contract, but I just don’t think it’s imminent or around the corner. I don’t think they’ve had any discussions about a long-term deal. The first step will be the option.”

I guess that would make more sense, considering the Cubs can take care of other bigger moves in the offseason and then they can address Hendricks' future depending on the landscape of their roster heading into the regular season. Nevertheless, we'll keep you updated. Options will either be picked up or declined within five days following the conclusion of the World Series.

Cubs Pick Up Hendricks' 2024 Option

Well, no extension yet and those talks haven't come up again, but the Cubs have officially picked up Kyle Hendricks' 2024 option that is worth $16 million.