The team announced the deal on Monday.
This will be the second season with the Cubs for Camp, whose salary for next year is $1.35 million. He could earn an additional $50,000 each for appearing in 50, 65, 70 and 75 games as a pitcher.
Camp, who turned 37 on Sunday, was 3-6 with two saves and a 3.59 ERA with a career-high 80 relief appearances last season. He tied for the major league lead in appearances and ranked fifth in the National League with 77 2-3 relief innings.
Source: Associated Press