The deal is worth $1.5 million guaranteed, with incentives, according to reports. The incentives could push the deal to $3 million, according to a USA Today report.
Non-tendered by the Texas Rangers in December, Ogando, 31, was viewed as one of the market's top low-risk, high-reward arms. An All-Star as a starter in 2011, a myriad injuries in recent seasons derailed the once-promising right-hander. Ogando went 2-3 with a 6.84 ERA last season in 25 innings pitched out of the bullpen.
Used as both a starter and reliever over the course of his five-year major league career, Ogando has found success in both roles. In 48 starts, Ogando is 19-12 with a 3.40 ERA. In 135 games out of the bullpen, Ogando is 9-4 with a 3.25 ERA.
The Red Sox are likely to use Ogando as a reliever given his injury history and use in such a role last season.
To make room for Ogando on the 40-man roster, the Red Sox designated lefty Drake Britton for assignment.