After hours of speculation across the baseball world, the Los Angeles Dodgers have officially been given the bidding rights for Ryu Hyun-Jin. The Rangers and Cubs were also known to submit large offers, although they were unable to beat L.A.'s new ownership. The club now has 30 days to sign Jin to a contract.

Jin is a 25-year-old left-handed pitcher who has spent the early portions of his career with the Hanwha Eagles of the Korean Baseball Organization. He shined in the World Baseball Classic and 2008 Olympics, which brought his name to the attention of many Major League teams. He has posted a 98-52 record with a 2.80 ERA in seven seasons and could potentially be a No. 2 or No. 3 starter for the Dodgers next season.

It is unclear how much the Dodgers will have to pay Jin to lure him to Los Angeles. Last offseason, the Rangers ended up shelling out $60 million to Yu Darvish for six years. A similar deal could be in the works.