Pena, a Scott Boras client, may be looking for just a one-year deal to re-establish his value after his 2010 below the Mendoza line. Although Pena hit 28 home runs and had 84 RBI, he hit just .196/.325/.407.
Pena, 32, was not offered arbitration after he hit $10.125 million last season in Tampa.
The Cubs don't have a left-handed power bat on their roster, and Pena would certainly benefit by playing half his games at Wrigley Field. He is also a good defensive first baseman.
Berkman, a switch-hitter, hit .248/.368/.413 with 14 home runs and 58 RBI with the Astros and Yankees. Berkman, who will be 35 next season, hit all but one of his home runs as a left-handed batter in 2010. Berkman has struggled in his career at Wrigley, where he's hit just .220/.355/.384 with 11 home runs in 327 plate appearances.
Although Dunn has reportedly lobbied to play for the Cubs, he doesn't appear to be within their budget.
If the Cubs don't sign a first baseman, outfielder Tyler Colvin could move there.
-- C. Trent RosecransFor more baseball news, rumors and analysis, follow @cbssportsmlb on Twitter or subscribe to the RSS feed.