Fujikawa will receive a base salary of $1.1 million with the opportunity to earn incentives. The deal will become official once the Rangers clear a spot on their 40-man roster.
Fujikawa, 34, spent two seasons with the Chicago Cubs, compiling a 5.04 ERA in 27 appearances. He underwent Tommy John surgery in the summer of 2013 and missed 14 months. He returned toward the end of the 2014 season and pitched in 15 games.
He was signed by the Cubs as a hard-throwing reliever out of Japan. He spent 12 seasons with the Hanshin Tigers of the Nippon Professional Baseball Central League, where he saved 220 games.
Fujikawa was expected to become the Cubs' closer, but that didn't happen mainly due to his injury. The Cubs had a team option for the 2015 season but declined to pick it up.
With the Rangers, Fujikawa is expected to become a one-inning setup man for closer Neftali Feliz.
The Rangers also signed infielder Tommy Field to a minor league contract with an invitation to spring training with the big club.