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Via MLB Trade Rumors:

Soler and the Cubs agreed to a nine-year deal worth approximately $30MM, Jon Heyman of CBSSports.com reports. At least three or four teams placed bids of $20MM plus, according to Heyman. Depending on how long Soler spends at the minor league level, the deal could cover all of his arbitration seasons and multiple free agent years.

Soler can opt out of his yearly salaries and file for arbitration once eligible, ESPN.com's Keith Law reports. As Ken Rosenthal of FOX Sports explains, this means Soler could earn more than $30MM with the Cubs.

The Yankees had been interested in Soler, but obviously did not have the winning bid.

From the NYPost:

According to an industry source, free agent outfielder Jorge Soler is expected to agree on a four-year deal before tomorrow.

The Yankees and Cubs have expressed strong interest in the 20-year-old, who some scouts believe is a better player than fellow Cuban defector Yoenis Cespedes, 26, who signed with the Athletics.

The Yankees don’t have Nick Swisher’s replacement in the system if he leaves via free agency and Soler would represent a smaller investment than chasing free agent Josh Hamilton.

Buster Olney said yesterday that the Yankees were one of the most aggressive teams in pursuit of the Curban outfielder.

Last week, the Yankees made a splash on the International FA market, agreeing to a $600,000 deal with Dominican pitcher Manolo Reyes. That deal is pending MLB approval because Reyes had some issues with his paperwork. You can read more about that signing here.