The international signing window opens at 7 a.m. Wednesday, and the Twins hope to sign three or four Latin American prospects.
Two players they appear close to signing are both from the Dominican Republic, righthander Huascar Ynoa and outfielder Jean Carlos Arias. They also believe they are still in the hunt for Venezuelan righthander Anderson Espinosa but might be a longshot to land him. A source with knowledge of talks confirmed the Twins' interest.
Ynoa is the younger brother of Michael Ynoa, who signed with Oakland in 2008 for $4.25 million, still a record for an international amateur pitcher. The younger Ynoa is ranked as the 14th best international prospect by Baseball America.
As assigned by Major League Baseball, the Twins have the fifth-largest international budget, at $3.69 million. They have been in on several of the top prospects for this signing period.
Two of the top players they have spoken with, Dominican righthander Christopher Acosta and Dominican third baseman Nelson Gomez, appear to be headed elsewhere.
Any team that spends more than the assigned budget will be taxed, but the Yankees and other teams have let it be known that they will spend big this cycle.
Twins General Manager Terry Ryan said his team will not go over its budget.
"Once you start paying some of that tax, all of a sudden other people get involved," he said.