Howry, 32, reached a preliminary agreement with Chicago last Wednesday.
He receives a $1.5-million US signing bonus, a $2.5-million US salary next season and $4 million US in each of 2007 and 2008.
"We've gone from a big problem area for us to an outstanding bullpen," Cubs general manager Jim Hendry figured. "Howry really puts the finishing touches on that."
Bob Howry received no offer from Cleveland. (AP Photo/Scott Galvin)
Fellow free-agent reliever Scott Eyre joined the Cubs two weeks ago for three years and $11 million US.
Eyre and Howry both used to pitch for the cross-town rival White Sox, but will set up closer Ryan Dempster with the Cubs.
Dempster, from Gibsons, B.C., had 33 saves this past season.
"I looked at the guys that are on this team, the chances of winning (and) the makeup of the guys," Howry said. "Part of it is the city of Chicago itself.
"I'm not only coming back to a city I'm comfortable with, but a team that looks like it has a good chance to win."
Howry made a career-high 79 appearances for the Cleveland Indians in 2005, going 7-4 with a 2.47 earned-run average and three saves.
A former member of the Calgary Cannons, he is 25-26 overall with a 3.57 ERA and 52 saves in 434 relief appearances over eight MLB seasons with the White Sox, Boston Red Sox and Indians.
with files from Sports Network
