Jon Heyman from Today's Knuckleball at Fanrag.com indicated that the contract was a two-year, $12 million deal. Jerry Crasnick was the first to report Kansas City as the destination.
Wood, who just turned 30 this month, has spent the last five seasons with the Cubs after spending his first two Major League Baseball seasons with the Cincinnati Reds.
Wood went 4-0 with a 2.95 ERA for the Chicago Cubs a year ago in 77 games. He not only contributed as a reliever for Chicago, he also played left field in the playoffs.
Wood spent two years with the Reds, going 11-10 with a 4.18 ERA. During his time in Chicago, Wood had a record of 32-42 an ERA of 3.94 and pitched a total of 691 innings. He also has nine career home runs to his name, though he hasn't hit one in the regular season since 2014; he did hit one during the 2016 NLDS, however.
Wood will get a chance to compete for the fifth spot in the Royals' rotation, joining Chris Young, Matt Strahm, Mike Minor and fellow newcomer Nate Karns as candidates behind Danny Duffy, Ian Kennedy, Jason Vargas and recent signee Jason Hammel.