The Cubs optioned Palencia to Triple-A Iowa on Wednesday, Maddie Lee of the Chicago Sun-Times reports.
Just one day after being called up from Triple-A, Palencia will return to Iowa with the Cubs needing to open up a spot on the 28-man active roster for lefty Justin Steele (elbow), who will return from the 15-day injured list to start Wednesday's game against the Athletics. Palencia struck out two over two perfect innings out of the bullpen in Tuesday's 4-3 loss to Oakland.