Ragans, the No. 30 selection in the 2016 MLB Draft, will make $2,003,400, the suggested slot value for the pick, the source said.
The 18-year-old is a left-handed pitcher out of North Florida Christian High School (FL).
The Rangers have one of the smallest bonus pools in the Majors this year. At $5,358,500, the team has the fourth-lowest pool, making it tough on them to sign some of the better draft picks out there. Just the Giants, Royals, and Cubs have smaller pools.
Ragans was rated as the 57th-best draft prospect on Cover Those Bases' draft prospect rankings from Zack Silverman.
Nevertheless, the scouting report on Ragans from MLB.com is promising.
"Ragans looks and throws like a future big league starter...All of his offerings are a tick above-average, starting with a fastball he throws 89-93 mph with some angle and outstanding command. His curve is Major League average to a tick above and his changeup could be plus when all is said and done. Still growing into his body, there could be more in the tank."
The Rangers are expected to announce the signing of Ragans, as well as some other draft picks, at some point on Tuesday.