NOVEMBER 2nd: The KBO informed MLB that Ryu will be posted, according to a KBO press release (link in Korean via Dan Kurtz of MyKBO.net). The bidding can begin once MLB informs its teams about Ryu's availability.
OCTOBER 29th: The Hanwha Eagles of the Korea Baseball Organization will post South Korean left-hander Hyun-jin Ryu in a move that could be the first step toward a Major League Baseball career. The Eagles will accept bids for Ryu via the posting system this offseason, Jee-ho Yoo of Yonhap News reports.
Once the Eagles post Ryu, interested MLB teams will submit secret bids. After the bids are in the Eagles will decide whether to accept or decline an offer for the 25-year-old. If the Eagles accept an offer then Ryu, a Scott Boras client, would negotiate a deal with MLB the team that won the rights to sign him. Assuming the sides reach an agreement, the Eagles would then collect the posting fee from the MLB team. Dan Kurtz of MyKBO.net has a copy of the posting rules for MLB and KBO teams.
Ryu has been one of the KBO's most dominant starting pitchers since 2006, according to the Yonhap report. He was on the South Korean team that won the gold medal at the Beijing Olympics and placed second in the 2009 World Baseball Classic.