The deal includes an additional $500,000 per year in incentives based on games finished, the source said. The deal is pending completion of a physical exam.
Rodney, 36, has 172 career saves over 11 seasons with the Detroit Tigers, Los Angeles Angels and Tampa Bay Rays. He made the AL All-Star team and finished fifth in Cy Young Award balloting in 2012, and recorded a combined 85 saves for the Rays in the past two seasons.
Grantland's Jonah Keri was first to report the agreement.