UPDATE: It's for $12.4M, not the $12M originally stated, putting the amount closer to the middle, but still much closer to the Cubs' figure.

Carlos Zambrano and the Cubs reached an agreement on a $12M, one year contract just in time to avoid the arbitration hearing today. The $12M is easily on the Cubs' side of the dividing line between the two parties' submitted arbitration figures. That it is so much closer to the Cubs' figure would seem to indicate that a long-term contract is getting close to completion.

As Wrigleyville and FearlessBear note, arbitration figures are in:

Carlos Zambrano: $15.5M
The Cubs: $11M
Last year: $6.5M

Mark Prior: $3.875M
The Cubs: $3.4M
Last year: $3.65M

"The Chicago Cubs and reliever Will Ohman agreed Tuesday on a $2.5 million, two-year contract," reports the AP. "Ohman will get $900,000 next season and $1.6 million in 2008." He also has the opportunity for bonuses based on games pitched and games finished. (Hat tip: Rob G. at The Cub Reporter.)

Ohman's contract moves the Cubs' 2007 payroll to approximately $102.8M and committed 2008 payroll to $87.2M. Carlos Zambrano and Mark Prior still need to sign contracts.