Russell will sign for $2.625 million, which is the assigned value for the No. 11 overall selection, according to a source.
"We are still working out some details," scouting director Eric Kubota said, "but we are optimistic about getting something done."
According to the Pensacola News Journal, Russell will depart Thursday for Oakland, "where he will finalize a multi-million dollar contract and meet team executives and players."
Selected by the A's out of Florida's Pace High School, the 6-foot-1, 190-pound Russell -- advised by agent Scott Boras -- was mulling a scholarship offer to Auburn. But his decision to go pro now has Oakland in position to groom the youngster into the impact shortstop prospect they've been missing for some time.
Russell is said to show plus bat speed and flashes big power to the middle of the field, batting over .500 in each of first three high school seasons and most recently posting a .368 average with seven homers as a senior. He added 30 walks for a .532 on-base percentage.
The A's also announced on Wednesday that they agreed to terms with center fielder Herschel Powell (20th round), right-hander Lee Sosa (26th), shortstop Christopher Wolfe (30th), and first baseman John Wooten (37th).