The Chicago Cubs have signed Cuban pitching phenom Gerardo Concepcion to a $7 million guaranteed contract, according to Enrique Rojas of ESPNdeportesLA.com.

Rojas reports that the deal is done pending a physical, and it contains incentives that could up the 18-year-old lefty’s salary to $8 million.

Concepcion was the Rookie of the Year in the Cuban National Series in 2010-11. He had a 10-3 record for the Industriales de la Habana and an ERA of 3.36.

The southpaw defected from Cuba in June and established his residency in Mexico. He was then declared a free agent by Major League Baseball, and he now trains in the Dominican Republic.