The contract also includes $250,000 in potential scholarship money should Dominguez pursue further education.
Equipped with a skill set that could make him a five-tool player, the 5'10", 190-pound Dominguez is viewed as one of the top prospects to come out of Latin America in recent years. MLB.com ranks him as the No. 1 international prospect, citing the switch-hitting outfielder's "excellent bat speed" and his ability to hit the ball to all fields. His speed and arm make him a potential game-changer on defense as well.
"Our guys loved him," an American League executive told the New York Post's Dan Martin. "Our international [scout] said he's the best player he's seen on the international circuit in his career."
The executive also called the teen phenom "a legitimate stud."
The Yankees used nearly all of their allotted $5.4 million for international free agents on Dominguez. The reported figure of $5.1 million would obliterate the franchise's previous record for an international player, which was set when it signed Dermis Garcia for $3.2 million in 2014.
Nicknamed "El Marciano" (The Martian), Dominguez is already drawing lofty comparisons. One general manager told ESPN.com's Jeff Passan that the Dominican Republic product is "like [Los Angeles Angels outfielder Mike] Trout," adding "Trout wasn't close to this good when he was 16."
While Yankees fans will be eager to see Dominguez on the field, he will not be eligible to play in any games until next season.