The Chicago Cubs made a move to bolster their bullpen depth Thursday, when they agreed to terms on a minor league deal with 40-year-old Joel Peralta.

Fox Sports' Ken Rosenthal first reported Peralta is headed to the Windy City. The 12-year veteran's stint with the club will begin with the Triple-A Iowa Cubs. The Chicago Tribune's Paul Sullivan confirmed the news. 

The Los Angeles Dodgers declined Peralta's $2.5 million option for the 2016 season, but the Seattle Mariners inked him to a minor league deal that included an invitation to spring training.

Peralta proceeded to make the Mariners' 40-man roster, but the team cut ties with the aged arm June 2, according to the News Tribune's Bob Dutton.

Peralta allowed just three earned runs in April during a solid start to his time in the Pacific Northwest, but his production tapered off in May. During a stretch that spanned from May 13 to May 18, Peralta allowed five earned runs and three home runs.

Over the course of 26 appearances, Peralta recorded 11 holds, two blown saves, 28 strikeouts, seven walks and a 5.40 ERA.

"We rode him hard, and, obviously, the results haven’t been there in the last month. … Organizationally, we just felt it was time to make a change there," Mariners manager Scott Servais said, per Dutton.

With Chicago, Peralta will try to bounce back despite the downturn in velocity that has hindered his production over the past few seasons. According to FanGraphs, Peralta's fastball hasn't averaged better than 90 mph since 2013. 

But for the Cubs, it's a low-risk, high-reward play.

Chicago's relievers already rank No. 4 in ERA (3.21) and No. 2 in batting average against (.201) among National League clubs, so if Peralta is able to capture even a smidgen of his prime form and make a leap up to the big club over the summer, it will have been a savvy pickup.