The deal was first reported by Jon Heyman of CBS Sports.
Earlier this month, the Twins won the rights to negotiate with Park by submitting a bid worth $12.85 million.
Park, 29, has played nine seasons of professional baseball in the Korean Baseball Organization. Over his past four seasons with the Heroes, he hit .314 with 145 home runs. Park finished last season with a .343 batting average, 53 home runs and 146 RBIs in 140 games. He is a two-time MVP award winner in South Korea.
Park could become the team's designated hitter, a spot in the lineup that is currently occupied by Rookie of the Year finalist Miguel Sano. Sano is spending time in the Dominican Winter League to work on playing the outfield. Joe Mauer is the team's starting first baseman.
- Christopher Chavez