The Houston Astros have a agreed to a $4.8 million deal with No. 1 draft pick Carlos Correa, reports Jon Heyman of CBS Sports.

Hear carlos correa deal with astros is for $4.8M

— Jon Heyman (@JonHeymanCBS) June 7, 2012

The 17-year-old shortstop out of the Puerto Rico Baseball Academy is one of the quickest to sign as a No. 1 pick, according to Heyman.

Heyman speculates that the deal, which is well below the signing limit of $7.2 million, will leave the Astros enough money to sign Florida high school pitcher Lance McCullers, whom the Astros took with the 41st pick in the draft.

No. 2 selection Bryan Buxton (Twins) and No. 8 Mark Appel (Pirates) are the two draftees on the table likely to land a bigger paycheck than Correa, though the Pirates may struggle to sign Appel with only $6.5 million allotted to sign all of their draft picks.

Correa is the second top-ten pick of the draft to sign thus far, with No. 5 pick Kyle Zimmer agreeing to a $3 million deal with the Royals yesterday.