The Chicago Cubs and Cody Bellinger are discussing a contract according to team owner Tom Ricketts, but there isn't much momentum toward a contract at the moment.

“There’s been some discussions but it hasn’t become a negotiation yet,” Ricketts said, via Jesse Rogers of ESPN.

So what is holding up negotiations?

“I’m like everyone else, we are just waiting,” Ricketts said, via Josh Frydman of WGN TV News. “Waiting for whenever he and his agent are going to engage.”

Cody Bellinger's uncertain free agency after resurgent year with Cubs

The Cubs are still rumored to be the favorite in the Cody Bellinger sweepstakes. After back-to-back forgettable seasons with the Los Angeles Dodgers, Bellinger signed in Chicago for the 2023 campaign and had a resurgent performance. Bellinger's impressive season set himself up nicely for MLB free agency.

Yet, he's still unsigned with spring training set to begin.

Other teams are also displaying interest in the former MVP. The Philadelphia Phillies have recently emerged as a suitor, while the Los Angeles Angels, San Francisco Giants, and Toronto Blue Jays have also been mentioned as landing destinations for him.

Chicago will be an intriguing team to follow in 2024 regardless of whether Bellinger re-signs or not. The Cubs finished in second place in the NL Central with an 83-79 record in 2023. They made a run toward the postseason, but ultimately fell just short of an NL Wild Card berth.

This Cubs team features a talented roster with potential. It's difficult to completely buy in on the ball club since there is still a lot of question marks on the team. Chicago could emerge as a playoff contender once again, and re-signing Bellinger would help in that regard.