BOSTON (CBS) — The Boston Red Sox have reportedly signed Cuban infield prospect Yoan Moncada to a contract worth roughly $30 million, according to MLB.com’s Jesse Sanchez.

BREAKING – Source: Cuban INF prospect Yoan Moncada agrees with Red Sox on a deal in $30 million range. Check http://t.co/mkcBseoZWQ. — Jesse Sanchez (@JesseSanchezMLB) February 23, 2015

Once it's official, Yoan Moncada immediately becomes Boston's new No. 1 prospect, and the No. 10 prospect in baseball. — Ben Badler (@BenBadler) February 23, 2015

The New York Yankees were high on the 19-year-old prospect, holding three private workouts with the infielder, but Boston was able to seal the deal in the end.

#Yankees offered $25M with willingness to go to $27M which is same offered Jorge Soler who went to #Cubs for $30M — Joel Sherman (@Joelsherman1) February 23, 2015

Scouts say Moncada, who is 6-foot-2 and 205 lbs, is the next big prospect to come out of Cuba. The switch hitter will likely start in Single or Double-A, but could be in the majors within the next year or two.

A second baseman by trade, Moncada could outgrow the position and move to shortstop or the outfield.

The Red Sox will end up paying nearly $60 million for Moncada due to Major League Baseball’s international signing guidelines. Each team is allotted $700,000 and an additional bonus pool for international players, but Boston will be hit with a penalty because they already exceeded their bonus pool:

According to those guidelines, clubs are penalized during the upcoming 2015-16 signing period if they exceed their bonus pools by certain amounts. The Red Sox had already exceeded their bonus pool before this signing and been given the maximum penalty. It’s a severe measure that includes a 100-percent tax on their pool overage and prohibits them from signing any pool-eligible player for more than $300,000 during the next two signing periods. Including the penalty for exceeding their bonus pool, Moncada’s deal will cost the Red Sox approximately $60 million — the bonus plus the penalty.

The Red Sox have until July 15 to pay the overage tax and up to three years to pay Moncada’s bonus.

Moncada has played two season for Cienfuegos in Cuba’s Serie Nacional, batting .277 with a .388 OBP while scoring 58 runs in 101 games.