Boston, MA (SportsNetwork.com) - The Boston Red Sox announced they signed Cuban prospect Yoan Moncada to a minor league contract, a deal that was reported three weeks ago.

Moncada recently passed a physical and was working out in Fort Myers with the team on Thursday.

According to previous reports on MLB.com, the 19-year-old shortstop has agreed to a contract for about $30 million.

However, the deal would then actually cost the Red Sox a total of $60 million because the team will be penalized for exceeding Major League Baseball's bonus pool for international signings.

Boston had already surpassed the bonus limit before the agreement with Moncada, thus incurring a penalty of a 100-percent tax.

Moncada reportedly worked out for numerous teams over the offseason. He began playing for Cienfuegos of Cuba's Serie Nacional team at age 17 and hit .277 over parts of two seasons.

The Red Sox will introduce Moncada in a press conference with general manager Ben Cherington on Friday.