Cubs right-hander Matt Garza could be a popular trade target this offseason or season (AP)

Last winter, under former GM Jim Hendry, the Cubs made a surprisingly bold trade with the Rays for right-hander Matt Garza. In exchange for the 27-year-old (as well as minor leaguer Zach Rossup and outfielder Fernando Perez), the Cubs gave up highly regarded right-hander Chris Archer and shortstop Hak-Ju Lee (both of whom were ranked as top 100 prospects entering 2011 by Baseball America), along with briefly legendary outfielder Sam Fuld (a top defensive outfielder), outfielder Brandon Guyer and catcher Robinson Chirinos.

At the time, the Cubs were looking to capture three pre-free agent seasons of Garza, a right-hander with the stuff to handle AL East lineups, thereby making him a good candidate to dominate in the National League Central. And Garza largely lived up to that expectation. Despite a 10-10 record (a reflection of his team rather than his individual performance), he had a 3.32 ERA while striking out a career-high 9.0 batters per nine innings and walking 2.9 per nine frames. He also gave up fewer homers than ever (0.6 per nine innings).

His numbers might have been even better but for the fact that he went from one of the best defensive teams in the game (Rays) to one of the worst, helping to explain the rise of his batting average on balls in play to .312 (after three straight years of BABIPs between .271 and .274). The right-hander, who turned 28 over the weekend, has the stuff to be a front-of-the-rotation starter.

But teams around baseball believe that the Cubs, ESPN’s Buster Olney reported (via twitter), are “open for business” on Garza. Some teams expect him to be dealt this winter.

After all, the Cubs — after a horrific 2011 season that culminated in the firing of Hendry and the arrival of new president of baseball operations Theo Epstein and GM Jed Hoyer — are viewed as longshots to compete in 2012, even in a winnable NL Central. With free agency looming for Garza after 2013, the Cubs will no doubt explore how to maximize their return on the right-hander. Given that rebuilding a thin farm system is the top priority for the Cubs, the team probably has to consider the possibility of dealing its top chips.

And if and when Garza is available, numerous teams will undoubtedly explore whether there is a fit with Chicago to acquire him. Given how successful Garza was with Tampa Bay while pitching against the AL East (and he was often dominant against the Red Sox and Yankees), there is not a team in the majors that is hoping to contend in 2012 that wouldn’t at least explore what it would take to acquire him. He has elite stuff, he requires only a one-year commitment (with an arbitration-fueled raise to the vicinity of $9 million or $10 million likely) and he has been healthy and is at an age that suggests he is both a good bet to continue to do so and in his prime.

However, according to multiple major league sources, while the Cubs will no doubt listen to offers on Garza this winter, the team may be inclined to wait before considering a deal involving him, for any number of reasons.

First, there is the possibility that the Cubs could have a number of pieces come together this winter and put themselves in position to contend. Given that Epstein spent much of his introductory press conference in Chicago suggesting that every season and every opportunity to win is “sacred,” the idea of giving up a key piece — likely for players who would not be able to contribute to the club’s competitive ambitions until 2013 or later — could be problematic.

Secondly, both Epstein and Hoyer understand how significant an asset Garza can be for a pitching staff. As such, they would undoubtedly also want to see if they might be able to extend him with a deal that would keep him from free agency at a time when his prime years are still ahead of him. And the team is in no financial rush to deal him, since his contract is eminently affordable for Chicago.

Thirdly, the Cubs might prefer to wait until the middle of the season to explore the trade market for Garza (and other pitchers such as Sean Marshall). In the offseason, teams typically can explore numerous avenues for upgrading their pitching staffs. That competition can dampen the trade value of a pitcher.

In contrast, by the middle of the season, when attrition and underperformance takes an inevitable toll on pitching staffs, the pitchers who represent meaningful upgrades are often scarce. As such, the demand for them can become significant as they are subject to bidding wars.

It is notable that, as GM of the Padres, Hoyer dealt reliever Mike Adams in the middle of the 2011 season to the Rangers in exchange for a pair of impressive prospects (Robbie Erlin and Joe Wieland, both potential big league starters). Adams, like Garza, had a year and a half of team control remaining before reaching free agency, and it is worth observing that Hoyer maximized the value of his pitcher in season rather than waiting for the offseason.

Likewise, Hoyer was willing to wait until the middle of the year when seeing what kind of market might materialize for closer Heath Bell in his final pre-free agent season; when there was none to his liking, he held onto Bell both last offseason and at the deadline in order to either discuss an extension with him (something that new Padres GM Josh Byrnes is now doing) or collecting the draft picks should he depart.

Position players, on the other hand, are usually easier to deal in the offseason, when rosters are in flux, and players at, say, an infield corner can either be traded or moved to the outfield to make room for another corner infielder.

That, at least, is a theory espoused among some industry sources when evaluating whether Garza is more likely to be moved (if he isn’t extended) this winter or during the season. All of that said, regardless of whether it is in the coming months or during the offseason, if and when the Cubs do start taking calls on Garza, the number of suitors will amass quickly.