TORONTO -- The Blue Jays announced the signing of first-round Draft pick Austin Martin on Wednesday, locking up the No. 5 selection in the 2020 MLB Draft with the highest bonus in club history.

Martin’s bonus is for $7,000,825, a source told MLB.com, which comes in well above the slot value of $6,180,700, largely because he was expected to go within the first two picks. The Blue Jays were "ecstatic" to have Martin, ranked as the No. 2 prospect in the 2020 Draft class per MLB Pipeline and considered by some to be the best all-around prospect, fall to them at the No. 5 pick.

“Throughout this whole process, from our scouting reports in high school, all the way through college, the more information we gathered on him, the more excited our group became,” Toronto general manager Ross Atkins said in a statement Wednesday. “His willingness and drive to be a great player is what we feel makes him such a great fit with our group. Coupled with his offensive profile and positional versatility, we couldn't be happier to officially make him a Blue Jay. I'd like to thank his negotiating team throughout this process and welcome Austin to the Blue Jays family.”

Martin, who will immediately become one of the club’s top prospects, has a great opportunity to move quickly through the Minor Leagues in 2021.

With plenty of development to come between now and Martin's eventual Major League debut, the Blue Jays can already envision how he'll fit alongside their young core of Vladimir Guerrero Jr., Bo Bichette and Nate Pearson. Martin's all-around offensive approach could be a perfect fit with their skill sets, too.

“The consistency of his at-bats, the discipline within the at-bats, the contact rates with power, the defensive versatility," Atkins said. "We’re excited about the overall athleticism, the person that we have a long history with, knowing him back to his high school days and having very good Vanderbilt ties and relationships there. We feel like we got to know the person and the teammate and the overall talent very well. We’re extremely excited to have the potential to add him to this organization.”

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On Thursday, Blue Jays manager Charlie Montoyo said that Martin will be joining the club’s 60-man player pool, which will follow what some other teams have done with their top 2020 picks to act as part of the developmental process with no Minor League season.

“He’ll be coming,” Montoyo said.

The Blue Jays have yet to decide on a long-term position for the former Vanderbilt star, but that isn’t urgent so early in his career. It’s likely Martin will be moved around the diamond to start, given his ability to play multiple positions in the infield and outfield.

Fourth-rounder Frasso signs
The Blue Jays also announced the signing of fourth-round pick Nick Frasso, a right-handed pitcher out of Loyola Marymount University. The value of his bonus has yet to be released by the club.

Frasso comes with plenty of projection thanks to a big frame that filled out during his college career. Prior to focusing on baseball in college, Frasso was also a basketball player in high school, and his previous between-the-legs dunks caused quite a buzz on Draft day.

“That one-on-one with you and your defender just going at it, then that pitching matchup with you and the hitter," Frasso said, combining his two sports. "That overall competitiveness goes either way, goes back and forth, and it translated between either sport."