According to Jorge Ebro of El Nuevo Herald, the Cubs have signed Cuban left-hander Gerardo Concepcion.
Enrique Rojas of ESPN Deportes says the contract is worth $7 million. Concepcion, 18, was named the Rookie of the Year in Cuba's Serie Nacional last season after posting a 3.36 ERA and 53/43 K/BB ratio across 101 2/3 innings. He also drew interest from the Yankees, Phillies, Royals, Marlins, Giants, Blue Jays and Red Sox this offseason. Concepcion will likely open the 2012 campaign at a low level of Single-A.