The signing was first reported by the Honduran newspaper Diez. It has yet to be officially announced by the club in North America, but Diez did participate in a news conference in Honduras, where he tried on his new Blue Jays gear.
Villatoro is an 18-year-old prospect who reportedly also received interest from the Orioles, Yankees, Mets, Astros, Giants and Pirates. He has the ability to throw 93 mph and is "very happy" to have reached the deal with Toronto, according to the newspaper La Tribuna.
The Blue Jays put Villatoro through an extensive workout before coming to terms on the deal. Last year, he took part in the Dominican Instructional League and he's expected to pitch in the Dominican Summer League during the 2013 campaign.
Villatoro was originally spotted by a Blue Jays scout while pitching for the Hawks of the Honduran Air Force. He has the ability to add even more velocity to his fastball, but he is considered a long-term project who will need to slowly advance through the club's Minor League system.
Financial terms of the deal were not disclosed by Villatoro or the Blue Jays.