The deal is worth a $3 million signing bonus -- just less than the $3,351,000 slotted for his No. 9 overall selection -- according to MLB.com's Jim Callis, who reported earlier in the week that the two sides had reached an agreement. The team did not disclose the specifics of the deal.
• Draft signing and bonus tracker
"I know that he's a really good bat," Cubs manager Joe Maddon said. "He works good at-bats. He's a versatile kind of a player, defensively. Our guys liked him a lot. I don't know much more than that, I know he's a prolific offensive player, but I'm not quite sure where he's going to fit in, defensively, yet, and I'm fine with that."
Happ, a 20-year-old outfielder, hit .369 with 14 home runs and 44 RBIs as a junior this past season en route to becoming the highest-drafted player taken from the University of Cincinnati in school history.
"He sounds like a really interesting player, the kind of guy who lengthens your bench at the Major League level," Maddon said. "I've not met him yet, but I've heard really good things about him."
With the signing of Happ now official, the Cubs have inked 10 of their 40 overall picks from last week's Draft, including five of their first 10 selections.
• Major League Baseball announced Thursday afternoon that two Cubs Minor Leaguers received 72-game suspensions without pay for violating the Minor League Drug Prevention and Treatment Program.
Right-handed pitchers Assael Aquino and Luiz Escanio each tested positive for metabolites of Stanozol, a performance-enhancing substance. Both pitchers were playing in the Dominican Summer League, and their suspensions are effective immediately.
Three Major Leaguers pitchers have been suspended for testing positive for the same substance this season -- Ervin Santana (Twins), Jenrry Mejia (Mets) and Arodys Vizcaino (Braves).
August Fagerstrom is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.