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This is excellent news though I would still be surprised to see the Cubs offer arbitration. More than likely Pena will be the fallback option for teams that miss out on Fielder and Pujols which means that the Cubs will have declined arby by the time teams really start going after Pena.
Additionally, if Pena for some reason accepts arbitration, the Cubs can only submit a one-year offer and I doubt he wants that. My guess is both Pena and Ramirez would decline arbitration which sets the Cubs up for compensation.