19 year old Cuban defector Yoan Moncada is a free agent, and can sign with any team, per Jesse Sanchez:
Source: Cuban teenage prospect Yoan Moncada has been declared a free agent by MLB. He still must be unblocked by OFAC before he can sign.— Jesse Sanchez (@JesseSanchezMLB) November 15, 2014
The "OFAC" referred to by Sanchez is the Treasury Department's Office of Foreign Assets Control, which, per Ben Badler, must issue a specific license for Moncada before he can sign.
Since the Rangers cannot sign a player who is subject to the international pool for more than $250,000 until July 2, 2015, they are basically out on Moncada, unless he doesn't get the license before July 2, or unless they can cut a deal with him that involves him waiting until after July 2 to sign.
There are reports that Moncada is expected to sign for a bonus of around $30-40 million...with the associated penalties for going over your pool, that means a team is going to end up paying up to $80 million for Moncada.
But remember, supposedly, Scott Boras is the devil for trying to get American amateurs a few million dollars as a signing bonus.
UPDATE -- Here is Jeff Passan's piece on Moncada.