The Red Sox will receive relief pitcher Chris Carpenter from the Cubs as compensation for letting former general manager Theo Epstein out of his contract to become Chicago's president of baseball operations.
Both sides will also exchange a player to be named later.
Red Sox general manager Ben Cherington said he was happy the compensation issue was over. The process of settling compensation had taken four months to the day since Epstein quit the Red Sox.
Carpenter, a 26-year-old righthander, is a prospect who has played in 10 major league games. He is not the more established starter by the same name who plays for the Cardinals.
Baseball America ranked Carpenter as the No. 13 prospect in the Cubs organization.
Carpenter has a fastball that reaches the high 90s but has had control issues in his career, averaging 4.2 walks per nine innings in the minors.
He was chosen by the Cubs in the third round of the 2008 draft. He has a 21-19 career record with a 3.62 ERA and 289 strikeouts in 96 career minor league games. He started 60 of those games. Carpenter was named an Arizona Fall League Rising Star in 2010.