12:07pm: Jon Heyman of CBSSports.com reports (on Twitter) the deal is worth $1.5MM.

11:30am: The Rangers have signed free agent right-hander Jason Frasor to a one-year contract, Anthony Andro of FOXSportsSouthwest reports (on Twitter). The team designated catcher Eli Whiteside to create roster space for Frasor, Andro reports. Gerry Fraley of the Dallas Morning News first reported that the Rangers were nearing a deal with Frasor, a Dave Meier client.

Frasor, 35, pitched for the Blue Jays in 2012, posting a 4.12 ERA with 10.9 K/9, 4.5 BB/9 and a 38.4% ground ball rate in 43 2/3 innings. He didn't pitch at all in August, as forearm tightness led to an extended stint on the disabled list. Frasor, the Blue Jays' all-time leader in appearances, averaged 93 mph with his fastball in 2012. In nine seasons at the MLB level, the Chicago native has a 3.77 ERA with 8.6 K/9, 3.9 BB/9 and a 43.0% ground ball rate. He earned $3.75MM this past season.

At the end of the 2012 regular season Frasor told me that he didn't intend to be overly picky about his next destination. The Brewers and Blue Jays also appeared to have some level of interest this offseason. He'll join a Rangers bullpen that includes Joe Nathan and, eventually, Joakim Soria.

Whiteside appeared in 12 games with the Giants this past season and played another 60 games with San Francisco's Triple-A affiliate. In parts of five seasons at the MLB level, the 33-year-old has a .215/.273/.335 batting line. Whiteside is set to earn $625K in 2013 and $200K of that sum is guaranteed. He has already been claimed on waivers three times this offseason, as MLBTR's Transaction Tracker shows.

Mike Axisa contributed to this post.