According to The Korea Herald, the Dodgers, Cubs and Rangers were among the bidders for the 25-year-old. His club, the Hanwha Eagles, announced that it had accepted the highest bid from an undisclosed MLB club, which will have 30 days to negotiate a contract with the pitcher.
Ryu is a seven-year veteran who will return to the Korean Baseball Organization if he does not reach an agreement with the winning bidder.
Ryu was the first player to win the MVP and rookie of the year honors in the same season in Korea, when he went 18-6. He averaged 15 wins a season until this year, when the Eagles finished last and he had only nine wins, along with a 2.66 ERA.
The 6-1, 215-pound Ryu reportedly has a fastball in the low-90s with a changeup and slider.
The Dodgers, after nearly a decade of de-emphasizing international players, have reestablished their presence in a big way this year, most notably with the $42 million signing of Cuban outfielder Yasiel Puig.
Chan Ho Park became the first South Korean-born player in the Major Leagues when he signed with the Dodgers in 1994.
Ken Gurnick is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.