I would like to see us package him, Strop, and either Wright or Rodriguez to the Cubs for Jeff Samardzija. The Cubs have the time to be patient on Arrieta and Strop and their upsides are as impact late relievers. Wright or Rodriguez are quality SP prospects that profile to be the kind of #3 or #4 SP innings eaters that the Cubs will need during their rebuilding process.
Unless the Cubs are offered a top ten prospect for him - which I seriously doubt - this would be about as good they would get.
He strikes out over a batter per inning, and has gotten significantly better since last year. Although 28 years old, Jeff Samardzija is in just his second year of starting in the majors. He could get even better, and is under contract through the 2015 season. He's a controllable stud; basically a #2 pitcher right now, that could grow into an ace IMO. There's no way the Cubs accept one POTENTIAL #3/4 starter, a used to be prospect with a lot of major league experience yet no major league success, and a reliever for two and a half more years of one of the best pitchers in the national league.
Jake Arrieta and Pedro Strop both have nasty stuff. It's too bad neither of them can hit a spot, ever. But, they are certainly quality trade bait. The Cubs do indeed have the time to see if they work out, I just really think you package these two pitchers with a quality prospect, like Mike Wright, and recieve a pitcher much less valuable than Samardzija.