The Cubs did have interest in relief pitcher Rafael Betancourt before the Colorado Rockies offered him arbitration. Betancourt was a type A free agent and the Cubs would have to give up there first round draft pick but the Cubs draft pick is number 16. The top 16 picks in the draft are protected and can't be lost by signing a type A free agent. If the Cubs do in fact sign Betancourt, they will have to give up there second round pick, 49th overall.
Betancourt made 3.35 million in 2009 and the Rockies had to offer Betancourt any where from 4-6 million on arbitration. If that is true then, the Cubs would have to sign him to the same deal on a 1 year deal or sign him to a multiyear deal worth about a little less.
A Cubs source with knowledge of the situation said there is nothing to it at this time. The Cubs had to talk about it, is what I conclude from that sentence.
Other teams that have said to be interested before he was offered arbitration are the Giants and Phillies.
I don't think the Cubs will sign him because they won't want to give up a draft pick for a relief pitcher and the money will get out of hand.
I will keep you posted.