Financials of the agreement haven't been revealed.
Souza, 30, missed all of 2019 after suffering a major knee injury near the end of spring training. He also appeared in just 72 games during 2018, his lone active season with the Arizona Diamondbacks, due to a strained pectoral muscle.
Prior to his abbreviated Diamondbacks tenure, Souza enjoyed a career year in 2017 when he slashed .239/.351/.459 with 30 home runs in 148 games with the Tampa Bay Rays.
The Cubs have had a relatively quiet offseason to this point. Souza should have an opportunity to earn regular at-bats with Kyle Schwarber, Jason Heyward, Ian Happ, and Albert Almora Jr. among the internal outfield candidates already on the team.
Outfielder Nicholas Castellanos, Chicago's top acquisition from the 2019 trade deadline, remains available on the open market.