Aug 14, 2008 11:17 AM EST

The Giants are on the cusp of signing first-round pick Buster Posey to a major league contract worth roughly $7.5 million, industry sources told the Mercury News.

The signing bonus, while spread over multiple years, would obliterate the club record for an amateur player. Dominican teenage outfielder Rafael Ramirez received $2.55 million in July.

But General Manager Brian Sabean said earlier Wednesday that the club might not sweat to the 11th hour of Friday's deadline.

"Possibly, but it's getting closer," Sabean said.

Via Mercury News