5:57pm: Jorge Ebro of El Nuevo Herald has some updated information on the signing (in Spanish), thanks to an interview with Serrano's agent, Jaime Torres.
Torres confirms that the deal is for $250K, and Ebro writes that Serrano is actually 22 years old. Contrary to previous reports, Ebro writes that Serrano has passed a "rigorous physical examination." He will report to extended spring training in Arizona before heading to the Cubs' single-A affiliate in Dayton.
12:43pm: The Cubs reached an agreement with Serrano, reports MLB.com's Carrie Muskat. She notes that the deal is not expected to be finalized for another month, because paperwork must be completed and Serrano must pass his physical.
8:54am: The Cuban baseball news blog cubanballplayers.com reports that right-handed pitching prospect Juan Yasser Serrano "may have signed" a $250K contract with the Cubs. MLBTR has learned that while Serrano has not signed, the Cubs are in discussions with his representatives.
Serrano defected from Cuba in April of 2009, but as a reminder of what that term signifies, he was also arrested for attempted illegal departure in January. Upon finally arriving in Miami, he took up with popular Cuban agent Jaime Torres in time to see his name pop up in a few stretch run signing rumors. This winter, Serrano has been connected to at least 10 teams.
When reporting Serrano's defection in April, Jorge Ebro at the Miami-based Nuevo Herald mentioned that the pitcher had been 16 when he appeared in his first Cuban Serie Nacional, in 2006 for the Villa Clara Orangemen. That would make him either 20 or 21 now.