According to Jorge Arangure at ESPN the Magazine, the Red Sox will sign 16-year-old Dominican amateur LHP Victor Payano on July 2nd, when the international signing period begins. He'll receive a $900,000 bonus.
Can't find much information on Payano, but we dug up some video of him here. As Arangure notes, this is the second Sox amateur commitment after learning they reportedly will come to terms with amateur shortstop Jose Vinicio, also of the Dominican Republic.