Cubs sign Cuban left-hander Gerardo Concepcion

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From reporter Jorge Ebro of Miami’s El Nuevo Herald comes word that Cuban left-hander Gerardo Concepcion agreed to a “multimillion dollar” contract on Thursday evening with the Chicago Cubs.

Concepcion was named the Rookie of the Year in Cuba’s Serie Nacional for 2010-2011 after posting a solid 10-3 record, 3.36 ERA and 53/43 K/BB ratio across 101 2/3 innings of work. The 18-year-old southpaw defected in June to Mexico and officially become a major league free agent in mid-January.

Concepcion also drew interest from the Yankees, Phillies, Royals, Marlins, Giants, Blue Jays and Red Sox this offseason. But the aggressively-rebuilding Cubs were able to outbid the competition.

He’s likely to open the 2012 season at a low level of Single-A. Or maybe it’ll be rookie ball.

UPDATE, 8:12 PM: Enrique Rojas of ESPN Deportes says Concepcion’s deal is worth $7 million.