It's done.
Discussions with the Cubs have culminated in a trade for the veteran outfielder. Monroe is eligible for a pay increase thanks to arbitration, meaning he'll be on the books for somewhere in the range of $5,000,000. A career .256/.303/.446 who is prone to striking out without taking many walks, he does have a .813 OPS versus LHP from '05 - '07. At the least, he's a moderately expensive bench bat-slash-possible designated hitter option. There's power potential (20-25 HR's full time), but there's also a history of poor plate discipline and a lack of on-base skills.
Joe Christensen has more over at the Trib. Monroe's career stats here.