Forget about the Cubs building a new home in suburban Rosemont or anywhere else for that matter.

Sources have confirmed to me a story that was first reported by the Chicago Sun Times on Thursday night that the team and the City of Chicago are closing in on the parameters of a deal that would pave the way for an extensive renovation of the iconic ballpark. The deal will indeed happen by Monday.

It will allow for a significant increase in the number of night games that the team is allowed to play -- from 30 to 40, or potentially, close to 50. In addition, the Cubs will be permitted to install a large jumbotron video board that will modernize the nearly 100-year-old ballpark. The team will also be allowed to increase signage in the stadium. Those additions, plus an increase in the number of concerts and other nighttime events that the Cubs will be permitted to host, will help ownership to pay for a $500 million stadium renovation plan and the addition of a hotel complex across the street from the park.

Sources close to the negotiations confirmed to me that construction will begin this fall at the conclusion of the Cubs season. It will be done in phases so that the team will not be impacted over the next few years while the stadium is under construction. Sources also said that the rooftop neighbors who run lucrative businesses did as well as they could have hoped to do, and that they should be on board with the resolution. However, the Cubs refused to extend their agreement with the rooftops. The same source told me Friday morning that it is obvious that the Cubs are looking forward to the end of the current agreement between the two parties.

"When the club was sold in 2009, the rooftop owners were warned that they should have approached the Ricketts family to tear up the existing deal and work with the family to find a solution that would allow the Cubs to renovate their park, but at the same time, protect the rooftops and their businesses at best they could. They didn't listen so this is what they are going to have to accept, " the source said.