Jun 20, 2009 8:52 PM EST

The Yankees have signed 16-year-old Dominican catcher Gary Sanchez to a $2.5 million deal, according to sources.

Sanchez isn't eligible to sign until July 2, but New York has heavily pursued the catcher.

"He is a big kid with a big arm," a Latin American talent evaluator for an NL team said. "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."

Via New York Post