The official website for the Revolution reported the news, and added that the Revolution gave up the fourth overall selection and an amount of cash that was not identified.
It is a nice coup for the Revolution to make this kind of jump in the draft order without having to give up extra picks.
The draft is on Thursday at the Indiana Convention Center. ESPN's SportsCenter will televise the first pick at 12 p.m. ET.
This is the first time in the 18-year history of the draft that the Revolution will make the first selection, and they will undoubtedly be hoping for the kind of success they found when they made their previous highest selection.
That came in the 2002 draft, when they selected second overall and took Taylor Twellman, who went on to become the club's all-time leading scorer.
With the No. 1 selection, the Revolution can't afford to do anything but take the best player available.
In this case, Andrew Farrell, a defender from Louisville, appears to be the smart choice.
The Revolution have had good success drafting defenders, and Farrell appears to be a can't-miss prospect.
He is athletically gifted, able to play multiple positions and reportedly has a great attitude. SI.com's Tanner Ives reports that Farrell has done nothing but impress at the MLS combine.
He is not only shining with his ability—in a scrimmage he drilled a 40-yard pass through defenders and right to the foot of his teammate for an easy goal—but also with his attitude.
Ives reports that his "humility and coachability" are also catching everyone's attention.
At this point, it would be a surprise if the Revolution went anywhere else with this selection.