According to this report (scroll down a bit), Blanco to Chicago is a done deal - it's just the little matter of the Fire coming up with the money to pay Cuauhtemoc.
The article mentions the Beckham five year contract signing as $250 million in salary, again. I thought it had been settled by now that Beckham is getting around five million a year - endorsement options make up the rest.
The story here makes it seem like MLS is being cheap to the Mexican player by comparison, since they have tallied it as Beckham making a million a month.
In fact, Mexican players have traditionally been given very high salaries by MLS. Paco Palencia was the only MLS player to earn over a million last year, more than any American.
If Blanco gets the 2 million a year he apparently wants, he will make more than any player in MLS not named Beckham.