10:02pm: According to ESPN's Keith Law, Tate's bonus is $6.25MM, and will be spread out over five years according to MLB's provisions for two sport athletes. He was also a top football recruit committed to play both sports at UNC.
9:29pm: Baseball America's Jim Callis reports that the Padres have officially announced that they've signed Tate. The terms are still unknown.
8:35pm: Lee Hamilton at SDNN.com says the two sides appear to have reached a deal, and that a press conference to announce the signing will likely happen Tuesday. Hamilton mentions that the Padres "went beyond the $3.4 million recommended signing slot" to get the deal done (which we all expected), and reminds us that Tate is in San Diego.
5:44pm: Jon Heyman of SI.com is reporting that the Padres and third overall pick Donavan Tate are close to an agreement on a deal. Heyman says it's believed to be worth about $6MM. Over the weekend we learned that Tate and agent Scott Boras were looking for a $6.5MM bonus.
Tom Krasovic hears that Tate will take batting practice with the big league team tomorrow.