The Cubs had an allotment of $4.6 million to spend on their first-round pick, but most likely came to an agreement with Schwarber on less. Some have estimated the catcher would sign for just over $3 million.
An announcement could come as early as this week.
This is the third straight year the Cubs have picked a position player in the first round of the Draft. Schwarber is one of three finalists for the Johnny Bench Award, presented to the top Division I catcher in the country. He batted .358 with 14 home runs, 48 RBIs and a .659 slugging percentage in his junior year. In his final eight games for the Hoosiers, he batted .469 with four home runs, 12 RBIs and a .938 slugging percentage.
Schwarber talked to Cubs president of baseball operations Theo Epstein last Thursday after the team picked him.
"I'm really embracing the moment, and that's what Theo told me to do was just embrace this moment, take your time and when the time's right, we'll call and take a day to sit down and talk about things," Schwarber said last Thursday.
Carrie Muskat is a reporter for MLB.com. She writes a blog, Muskat Ramblings, and you can follow her on Twitter @CarrieMuskat. This story was not subject to the approval of Major League Baseball or its clubs.