Palencia (elbow) is slated to begin a rehab assignment Wednesday at Triple-A Iowa, Meghan Montemurro of the Chicago Tribune reports.
After completing bullpen sessions and live batting practice sessions without issue over the past couple of weeks, Palencia has been cleared to advance to the final step in the rehab program for his mild right flexor strain, which has kept him on the shelf since June 16. Palencia has endured a tough-luck 2026 campaign, as he also missed time earlier in the season due to a lat strain and has received just three save chances -- converting them all -- in 19 appearances, despite seemingly being locked in as the Cubs' closer. Palencia still looks like a good bet to step back in as the Cubs' closer once he returns from the injured list, though he may need to pitch well during his rehab assignment in order for manager Craig Counsell to formally appoint him for that role.