Bote's deal is worth $15 million, sources told Jesse Rogers of ESPN.
The extension goes through 2024 and includes a pair of club options for 2025 and 2026. The club options are worth $7 million and $7.6 million, respectively, according to Jon Heyman of MLB Network.
Bote arrived on the scene last season, filling in for an injured Kris Bryant. He memorably helped the Cubs complete an epic comeback against the Washington Nationals by hitting a pinch-hit, walk-off grand slam off Ryan Madson.
The 25-year-old third baseman posted a .239/.319/.408 slash line with six homers and three stolen bases over 74 games last year.
Because of Bote's accrued service time, he would have been eligible for free agency for the first time following the 2024 season; the two club options represent the only years of free agency he forfeits with his new extension.
Bote has gone 4-for-11 with one walk and two runs scored over four games so far this season, spending time at both third and second base.