The Cubs selected Palencia's contract from Triple-A Iowa on Tuesday, Sahadev Sharma of The Athletic reports.
Acquired from the Athletics two years ago in the Andrew Chafin trade, Palencia has posted a 6.83 ERA and 36:16 K:BB over 29 innings this season between Double-A Tennessee and Triple-A Iowa. The 23-year-old has a big arm and had been unscored upon in five of his last six appearances with Iowa, boasting an 11:2 K:BB in 5.2 innings over that stretch.