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Gregg, 30, closed for the Marlins for most of last season, but the Cubs likely would use him as a bridge to Carlos Marmol if Wood departed as a free agent.
Marmol would take over as the closer, with the Cubs likely using a number of relievers including Gregg, Jeff Samardzija, Angel Guzman, Neal Cotts, and Kevin Hart leading up to the ninth inning.
In return, the Marlins receive 21-year-old Class AA right-hander Jose Ceda.
The Marlins have now traded four arbitration-eligible players since the end of last season Gregg, first baseman Mike Jacobs, left-hander Scott Olsen and outfielder Josh Willingham.
Gregg tied with the Rockies' Manuel Corpas for the major-league lead in blown saves last season, finishing 29-for-38 in save opportunities with a 3.41 ERA. He was 7-8 with in 72 relief appearances, holding batters to a .203 average.
The right-handed Ceda was 4-3 with nine saves and a 3.83 ERA last season in minor league stints at Class A Daytona and Double-A Tennessee.
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