The 6-foot-2, 170-pound Molina bats right-handed and throws right-handed. He has impressed scouts with his defense, running ability and arm strength, leading some to believe that he projects as an above-average center fielder in the future.
Molina was a top prospect in the Dominican Prospect League and has been discussed as arguably the best athlete in this year's class.
The signing puts the Yankees over their allotted bonus pool by 4.9 percent ($1,970,000 to $1,877,900), which means they will pay a 75 percent tax on the overage. That amounts to $69,075.
Bryan Hoch is a reporter for MLB.com. Follow him on Twitter @bryanhoch and read his MLBlog, Bombers Beat. This story was not subject to the approval of Major League Baseball or its clubs.