The Chicago Cubs gave team president Jed Hoyer a multi-year extension on Monday, just days before MLB's trade deadline, Marquee Network's Taylor McGregor reported.

Hoyer's five-year deal as the Cubs' president would've expired after the 2025 season. He took over the role from Theo Epstein in 2020. Hoyer previously was the team's general manager from 2011-20.

Hoyer and Cubs executive chairman Tom Ricketts both released statements shortly after the news dropped.

The Cubs are tied for the second-best record in MLB right now with a 62-43 record, sitting just one game back from the league-leading Mets. Chicago is tied with the Brewers for second place, and the two NL Central teams happen to begin a three-game series against each other on Monday. There will be some shake-up in the standings based on who wins those matchups.

Hoyer's extension was the Cubs' first big move ahead of the trade deadline on Thursday. The team is expected to make some moves this week, so we'll see what Hoyer and the rest of the organization agrees on. Here's some possible options for the Cubs to sign.