MINNEAPOLIS -- The deadline to sign draft picks is July 13, but it's possible the Minnesota Twins could have a deal with No. 2 overall pick Byron Buxton within days.

A Major League source said Friday that Buxton and his representatives will be in Minneapolis early next week, and there's optimism a deal could be done by Wednesday.

In accordance with Major League Baseball's new collective bargaining agreement teams were given a specified budget for the first 10 rounds based on where they picked and how many picks they had. The Twins' budget is just over $12.5 million, and the recommended bonus for the No. 2 overall pick is $6.2 million.

It's unclear whether the two sides have discussed financials yet.

The Houston Astros signed No. 1 overall pick Carlos Correa this week for $4.8 million despite a recommended slot value of $7.2 million. The Kansas City Royals signed No. 5 overall pick Kyle Zimmer with a $3 million bonus, which is $500,000 less than the slot value.

If teams go too far over their total allotted budgets they risk losing future draft picks.