PITTSBURGH -- With eight selections in the top 88 overall picks, the Padres figure to be plenty busy next week during the First-Year Player Draft.

On Wednesday, the Padres officially put a close to their 2006 Draft when they reached a deal with their 11th-round pick of a year ago, right-handed pitcher Mathew Latos.

According to a source close to the negotiations, Latos agreed to a $1.250 million signing bonus.

"The signing of Mathew Latos is a tremendous start to the 2007 Draft," said Padres vice president of scouting and player development Grady Fuson. "Padres scout Joe Bochy did a great job identifying and evaluating the progress of Mathew as the year has gone on, and now we've added a premier talent to the organization."

The Padres had until 9 p.m. PT on Wednesday to reach a deal on a contract with Latos or he would have gone back in the Draft, which begins next Thursday.

The 6-foot-5, 205-pound Latos pitched this spring at Florida's Broward Community College and was thought to be a late first-round pick had he gone back in the draft. Latos was 10-3 with a 2.03 ERA and 102 strikeouts in 75 1/3 innings.

The two sides had been far apart in recent weeks, with Latos reportedly originally asking for a $3.5 million signing bonus, though the two parties had been busy in the last few days trading counter proposals.

"We are extremely happy to have reached an agreement with Mathew," said Padres director of scouting Bill "Chief" Gayton. "He is a talented power pitcher who throws in the mid- to high-90s. We are adding a big arm to our system."