Chicago has recorded 47.99" of precipitation through November 30, which means that 2.88" is needed to break the all-time record. In 148 years of weather records, Chicago has recorded over 2.88" of precip in December a total of 30 times (30/148=20.3%).
Average December precip is 2.25" and CPC has increased probabilities of a wetter than average December, so we'll see if it can be achieved. A more likely outcome would be to surpass 50" but fall short of the top spot, but that's not as cool so hopefully the record is broken.