South Korean pitcher Lim Chang-yong has signed with the Chicago Cubs of Major League Baseball, an informed source told Yonhap on Monday.

“Lim Chang-yong signed the contract over the weekend in the U.S.,” the source said, requesting anonymity.

Financial terms of the deal were not immediately known, according to the source.

Lim is scheduled to return to South Korea to announce the signing. He is expected to disclose other details of the contract then.

The right-hander flew to Chicago last Thursday, after claiming that he had agreed to terms with the Cubs and he was traveling there to sign the contract.

So far, the Cubs have not given any official confirmation.

Lim and his agent, Park Yoo-hyun, had said the deal was a split contract worth up to $5 million, with different salary rates for the times he spends in the minors and the majors.

Lim, who pitched the last five seasons for the Yakult Swallows in the Central League of Nippon Professional Baseball in Japan, is still recovering from Tommy John surgery in July, the second of his career, to repair a torn ligament in his right elbow.

He is expected to be out of action for at least the first half of next year.

If Lim makes the major league roster in 2013, he will be the third South Korean player in the big leagues next year, joining outfielder Choo Shin-soo of the Cincinnati Reds and pitcher Ryu Hyun-jin of the Los Angeles Dodgers.

Lim left the Samsung Lions of the Korea Baseball Organization after the 2007 season and joined the Tokyo-based Swallows in 2008.

He racked up 128 saves in Japan, the most by a South Korean pitcher there, but didn’t record a save in nine appearances this year before coming down with the elbow injury.

Lim put up an 11-13 record with a 2.09 ERA in his Japanese career. He struck out 231 batters in 233 innings for the Swallows. (Yonhap News)