BOSTON (CBS) - Now that Theo Epstein is officially the President of the Chicago Cubs, he can finally get to work.

One of his first tasks: compensate his former team.

Epstein had one year remaining on his deal with the Red Sox, and because he left town early, the Cubs have to send something Boston's way.

That should not be a problem, according to the Cubs new team president.

"The Cubs and Red Sox have a good working relationship. They've had one for years, they're going to have one together going forward," said Epstein at his press conference in Chicago.

Read/Watch: Epstein Calls Cubs Job "Ultimate Challenge"

It is expected the Red Sox will receive a minor league prospect or prospects. Reports had them asking for starting pitcher Matt Garza in the early stages of the deal, but that proposal was shot down by the Cubs.

Esptein said the two sides were able to make a lot of progress in the talks, and a deal should be done soon.

"The issue of compensation, I'm sure, will be addressed within the coming weeks," said Epstein. "Either between the clubs giving their best effort to get it done, or by a third party."

Theo On Cubs-Red Sox Compensation

"The bigger picture here is we got it done, the two organizations are still allied and have amicable relations and we can move forward," he said.

MLB Commissioner Bud Selig has set a November 1 deadline to reach a deal, or he will step in and get it done.

"They'll either get it done or they won't. If they don't, then I will," said Selig earlier this week.