The Cubs selected Velasquez's contract from Triple-A Iowa on Friday.
Velasquez signed a minors deal with Chicago in the offseason and has since posted a 3.71 ERA and 1.29 WHIP over 17 innings at Iowa. The 33-year-old will now return to the majors for the first time since 2023 to round out the Cubs' bullpen following Caleb Thielbar's (hamstring) move to the injured list.