Sources cited in the story indicated the Sanchez and the Yankees agreed to a deal worth $2.5 million.
Sanchez is only 16 so technically he won't be able to sign with the team until July 2, but it appears the Yankees strong pursuit of him has left them the lone contender.
A Latin American talent evaluator for one team said, "He's a big kid with a strong arm. I would like to have him, but $2.5 million is a lot of money. He has a thick body. He is a real good hitter, but he doesn't hit like Jesus Montero."
Montero, a massive 6-foot-4 225 pound catcher from Venezuela, signed with the Yankees in 2006 for $1.6 million. He has been a big success in his early minor league career. In his first year with the Yankees Single-A affiliate Tampa, Montero hit .356 with 8 homers and 37 RBI in 48 games. Currently the 19-year-old Montero is in Double-A where he is batting .283 with three RBI in 13 games.
Said one scout of Sanchez, "He shows a lot of power in batting practice, but it doesn't always transfer to the games when the swing gets a little long. He is an interesting guy."
According to the article Sanchez is not the only foreign born prospect the Yankees are interested in. Apparently they are also highly interested in prized young Dominican shortstop Miguel Angel Sano.
Sano, 16, stands 6-foot-3, and has been coveted by several major league teams.
Expect the Yankees to be heavily involved in the future are recruiting foreign born position players. Over the last few years they have stockpiled young pitching (i.e. Phil Hughes and Joba Chamberlain), but with their aging roster they certainly will be trying to acquire several young position players.