LOS ANGELES -- Right-hander Ismael Valdes is returning to the Los Angeles Dodgers.

	Valdes

Traded to the Chicago Cubs last winter along with second baseman Eric Young, Valdes was reacquired by the Dodgers on Wednesday along with cash considerations for two minor leaguers -- right-hander Jamie Arnold and outfielder Jorge Piedra.

"He pitched well in his last start," Dodgers general manager Kevin Malone said from Los Angeles. "We think he's a quality starter who's still young. He's a free agent after this year, which gives him incentive to pitch well.

"He thanked me for bringing him back, said he's excited about returning home to Los Angeles. He was just real excited, very thankful and appreciative, you could hear it in his voice. It pumped me up to hear him so excited."

Valdes, 26, was 2-4 with a 5.37 ERA in 12 starts for the Cubs this year after opening the season in the 15-day disabled list with tenderness in his pitching shoulder.

"He has had some adversity, but he's been pitching well of late," manager Davey Johnson said from Denver, where the Dodgers played the Colorado Rockies. "He has done well in his last two starts."

Valdes spent the first six years of his career with the Dodgers, going 61-54 with a 3.38 ERA in 176 games -- 150 of them starts.

"Rocket was a fan favorite here," Malone said, referring to Valdes by his nickname. "I think the fans will be happy to have him back.

"We think he can help us down the stretch. He knows how to win. He pitches well in this ballpark, he's comfortable in this environment. He'll keep us in games."

Arnold, 26, was 4-7 with a 5.07 ERA in 20 games, 13 of them starts, for Triple-A Albuquerque this year. He also appeared in two games with the Dodgers with no record and a 4.05 ERA.

Piedra, 21, was hitting .283 with six homers and 52 RBI in 92 games with Class-A Vero Beach.

Valdes and Young were sent to the Cubs on Dec. 12 in what the Dodgers acknowledged was a move to lower payroll. In return, Los Angeles received right-hander Terry Adams and minor league pitchers Chad Ricketts and Brian Stephenson in the deal.

"He was my No. 2 starter last year," Johnson said. "The Cubs are out of it, and he became available and we jumped at it. I'm sure he will be a welcome addition."

Valdes, who is earning $5.75 million this year, is eligible for free agency after the season.

"We're focusing on winning this year," Malone said when asked if the Dodgers will try to sign Valdes to an extension. "We'll deal with that at the appropriate time. All our focus is on trying to do our best to win in 2000."

Johnson said he was uncertain as to when Valdes will pitch for the Dodgers.

"I'd have to talk with him to see where he's at," he said. "His next turn would be Friday, which is Darren Dreifort's turn. Darren has been pitching pretty well."

The Dodgers open a three-game series at Philadelphia on Friday night. Earlier Wednesday, the Phillies traded ace right-hander Curt Schilling to the Arizona Diamondbacks, who entered the day one game ahead of San Francisco and 2½ games ahead of the Dodgers in the NL West race.