Peralta, 22, will need to remain in the Major Leagues throughout the season or be offered back to the Cubs for half of the $50,000 the D-backs paid to select him. It is also possible for Arizona and Chicago to work out a trade to keep his rights while sending him to the Minor Leagues.
Peralta made 20 appearances, including 17 starts, for Class A Peoria in 2012, and was 5-8 with a 3.44 ERA in 99 1/3 innings.
Over five Minor League seasons he is 16-25 with a 4.46 ERA in 303 innings.
"He's got a big arm," D-backs farm director Mike Bell said. "We got a lot of good grades on him. You look at his numbers and I don't know if they'll jump out at you right away in [low Class A], but he's a guy with a lot of potential, a lot of upside and we'll get him into camp and see what he looks like."
Peralta still needs plenty of polish -- he walked 42 and fanned 86 in 2012 -- but given his mid-to-upper 90s fastball to go along with a curve and changeup, the D-backs felt he was worth taking a look at in Spring Training.
"If he stays in the big leagues, chances are he's going to have to move to the 'pen, but we'll see," Bell said. "We'll get him some innings and see what he looks like. The raw tools are there, and we'll get him into camp and see how close he is."
The D-backs also lost a player in the draft when the Phillies selected outfielder Ender Inciarte.
The 22-year-old played for Class A South Bend and Class A Visalia last year, where he hit a combined .307 with 28 doubles, 10 triples and a .797 OPS.
"He's a good player," Bell said. "He's in [Class A ball]; we knew he had a long way to go. I don't know if the Phillies can keep him the whole season or not. Eventually we could get him back or maybe we work something out, but he's a good player, he's a good kid and we obviously wish him the best."