Piniella, 66, has been a Major League Baseball manager for 23 seasons and is 14th on the all-time wins list, posting a 1,826 and 1,691 record.
After winning the National League Central Division in his first two seasons with the Cubs, the team missed the playoffs last season and is currently in fourth place with a 42-52 record.
Piniella in 1984 retired as an outfielder for the New York Yankees after 11 seasons with the club. He managed the Yankees from 1986-1988, won a World Series with the Cincinnati Reds in 1990 and also had stints with the Seattle Mariners and Tampa Bay Devil Rays.
An e-mail seeking comment from Cubs spokesman Peter Chase wasn’t immediately returned.