The Red Sox have agreed to a deal with Taiwanese prospect Chih-Jung Liu, a source told MLB.com's Mark Feinsand on Wednesday. The deal with the 20-year-old right-hander will be for $750,000.

The club hasn't confirmed the agreement. The Boston Globe's Pete Abraham was the first to report the deal.

Liu was a two-way player in Taiwan. On the mound -- the Red Sox are signing him as a pitcher -- his fastball has reportedly reached up to 98 mph.

He was recently named Most Valuable Player of this year's Asian Baseball Championship. Taiwan won the championship to earn a spot in the qualifying tournament for the 2020 Olympics that will be held next March in Taipei City.

Liu was teammates on the Taiwanese national team with Red Sox infielder Tzu-Wei Lin, who signed with the Red Sox as an amateur free agent in 2012.