The Cubs signed Velasquez to a minor-league contract Tuesday.
Velasquez made it back to the majors briefly in 2025 with the Guardians but did not make an appearance. He collected a 3.42 ERA and 95:50 K:BB over 81.2 innings with Triple-A Columbus last season before finishing the year with the Lotte Giants in Korea. Velasquez, 33, will give the Cubs some experienced rotation depth at Triple-A Iowa.