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I believe the press conference is scheduled for 3pm CST, maybe EST...so soon. You can allegedly watch a live stream at CSN Chicago.

In the meantime, read up on the new scouting director with this very well done Q&A.

The rumor mill is rather quiet at the moment, last bit of "news" was that Theo and Jed (sounds like a sitcom title) met with Q-Ball for 7 hours last week and have a second meeting this week. I want to imagine the 7 hours was spent getting as much information about the ballclub out of him before they canned him.

On the manager front, Peter Abraham reports that the Cubs and Red Sox could both be interested in former Brewer player and their current hitting coach, Dale Sveum.

After the jump, I'm trying to embed the live stream...see if it works.

Late Friday night, Bud Selig apparently had enough of the Cubs and Red Sox distracting from what now appears to be a real good World Series and the two teams sent out press releases saying Theo to the Cubs is official. The issue of compensation still needs to be resolved, with ta

This is starting to feel a lot like the Brian Roberts and Jake Peavy negotiations. Of course missing out on both of them ended up turning out pretty well for the Cubs. Hmmm...

The latest foolishness...

It's day 8 of Theo Hostage Watch...I hear he's doing as well as can be expected. The Red Sox have taken his cell phone away and all other lines of communication and they have him bordered up in his office on Yawkey Way.  He is allowed to speak to his wife and children through closely monitored Skype chats. Once the Red Sox receive their terrorist demands, he's been assured of being released. Stay tuned...

This appears just about close to being finalized. Here's the latest and to open up a new set of comments.

- Epstein and family are apparently house hunting already in Chicago.

- Heyman tweets that there is a bit of discussion whether #cubs send cash or minor leaguers to #redsox for theo. so far boston prefers the $.

- A WEEI report said the deal would be 5/$15M, ESPN is saying it's 5/$20M. There's some confusion over a $3.5M transfer bonus that Epstein would receive,  so that could be part of the difference.

- Same article says ...an industry source said Tuesday that Cubs owner Tom Ricketts spoke with Epstein last week and that Epstein met with Cubs president Crane Kenney in Chicago last weekend (I presume to settle how much of Kenney's salary would be going to Epstein).

- Kaplan with a pretty thorough rundown of how the events transpired. I can't find it now, but I think it was Kaplan reporting that Epstein's very comfortable with Wilken and Fleita.

- Kevin Goldstein at BP and ESPN Insider (subscriptions required) goes over the state of the organization that Theo will inherit. 

- George Ofman tweets: Word from sources close to situation: Ryne Sandberg not on Theo's short list to be manager at this time

Theo did try and hire Ryno to manage Pawtucket though last year, so even if he doesn't quite think he's big league ready, possibility as a major league coach could loom. 

- Red Sox pull a page out of the Cubs playbook and start the smear campaign on Francona, Epstein and some of the players. 

Some video of Epstein discussing player evaluation after the jump...

The headline says it all, but let me blockquote for you.

Two baseball sources have confirmed that Theo Epstein is on the cusp of leaving his job as general manager of the Red Sox [team stats] to accept a position with the Chicago Cubs that is believed to include powers greater than he has in Boston, with an announcement expected to be made “within the next 24 to 48 hours.”