The parties have an agreement after some negotiation led to the lengthy deal for the first-year GM.
The Padres had planned since last week to call a press conference for Wednesday to announce their new GM, and indeed they have now called for an announcement for late Wednesday.
Preller, an assistant GM in Texas, got the nod in the end over Yankees assistant GM Billy Eppler, with the other finalists MLB VP Kim NG and Red Sox assistant GM Mike Hazen. Preller's specialty is international scouting, and the Rangers imported several key pieces under his watch, including Martin Perez, Jurickson Profar and Rougned Odor.
Preller, a Long Island product, was a fraternity brother of Rangers GM Jon Daniels at Cornell.
The five-year arrangement should give Preller plenty of time with the rebuilding team. Padres people have said they will start to spend to at least compete with the Diamondbacks and Rockies, though not the big-market Giants or certainly Dodgers. San Diego has been at the bottom in terms of payroll in the tough NL West.
Word is, there was an arrangement between San Diego and Texas for Preller not to raid the Rangers of its talented staff, as often happens, so if he gets to take anyone with him, it will be a very limited number of Rangers co-workers.