5:41pm: Correa's bonus is worth $4.8MM, reports Jon Heyman of CBS Sports (Twitter link).

3:54pm: The deal is official, McTaggart tweets. Luhnow said it's a "monumental day" for the franchise.

THURSDAY, 3:30pm: Correa is in Houston and will sign shortly, Alyson Footer of the Astros reports (on Twitter). The Astros are announcing their deal with the top prospect today.

WEDNESDAY: The Astros have a verbal agreement to sign first overall selection Carlos Correa, according to owner Jim Crane, MLB.com's Brian McTaggart reports (on Twitter). GM Jeff Luhnow said earlier in the week that he expected to sign the Puerto Rican shortstop by Thursday.

Terms of the deal are not yet known but sources told Jon Heyman of CBSSports.com that it will likely be in the vicinity of $5MM. The Astros took signability into heavy consideration and reportedly didn't settle on selecting Correa until the eleventh hour. Pitcher Mark Appel, a Scott Boras client who fell to eighth overall, allegedly rejected a $6MM offer from Houston.

Crane says that the team's deal with Correa is structured in such a way that it will allow the club to also retain some of its favorite picks, according to Zachary Levine of the Houston Chronicle (via Twitter). The Astros will likely need to spend big in order to sign No. 41 pick Lance McCullers Jr., a right-hander who has committed to play for the University of Florida.