The club had no comment, as Miller must first pass a physical exam.
Miller, a two-way player taken as a left-handed pitcher with the 36th overall pick, reportedly agreed for $899,200, compared to the $988,000 bonus paid for the 36th pick a year ago.
Miller is a raw talent with only two years of serious pitching experience, having played the outfield his freshman year at Baylor. He was drafted as a hitter by Colorado out of high school, but did not sign.
Miller, 21, is expected to report to the club's Class A Great Lakes affiliate in the Midwest League. He was taken with the compensation pick the Dodgers received for losing free agent Derek Lowe.
Ken Gurnick is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.