The Chicago Cubs are projected to have a payroll around $106 million with their current roster, according to Baseball-Reference's payroll estimator, which would be a significant drop from the $125 million last season, and the $147 million they paid in 2010. So it would seem that they might have a little money to spend if a premium free agent catches their eye.
That premium free agent is most likely not Japanese right-hander Yu Darvish, though. From Nick Cafardo of the Boston Globe:
They were supposed to be in on Yu Darvish (yes, but a major league source indicated they made a very low bid and have no illusions of winning the post), and now they’re supposed to be in on Prince Fielder.
Things could change, but as of this writing the Cubs were still in the mode of, let’s not spend until we’re ready to spend and right now we’re not ready to spend.
This would possibly mean that the Cubs are back in on Prince Fielder, after being out, before they were in, after that time they weren't interested. The Darvish derby seems to be between the Rangers and Blue Jays, according to reports.