Keith Law reported on ESPN.com's draft Twitter feed that Colon had agreed to a deal for a $2.8 million bonus. But Moore said the sides are still talking, and Colon cannot be signed until he passes a physical examination.
Colon is represented by agent Scott Boras.
A product of Cal State-Fullerton, Colon was the fourth overall selection in the June 7 First-Year Player Draft. In 64 games for the Titans this year, he batted .358 with 17 home runs and 68 RBIs.