Cubs To Offer Wood Arbitration?

According to Carrie Muskat of mlb.com, the Chicago Cubs were planning on offering arbitration to Kerry Wood by the 11pm CST deadline Monday. Doing that would allow the Cubs to receive up to 2 first round draft picks in next years First-Year draft. The Cubs are figuring that Wood will decline the offer of Arbitration as he's seeking a multi-year deal. But in articles since the Cubs picked up Kevin Gregg from the Marlins in early November, Wood had stated that he would have been willing to come back to the Cubs on a one-year deal. So what would make the Cubs think that he won't accept arbitration and try and pitch for the Cubs in 2009?

If Wood does accept, there is always the possibility that the Cubs could explore the trade market for Wood still, but I believe that Wood has become a 10 and 5 guy(10 years in the majors, 5 with the same team) and that would give him a full no-trade clause. The Cubs would be taking an awfully large risk if the do go through with this.