Escobar's deal is worth a guaranteed $1.25 million, a baseball source tells ESPN.com's Jerry Crasnick.
Escobar, who has missed most of the past two seasons with a shoulder injury, must pass a physical exam for the deal to become official. He recently received the go-ahead to pitch winter ball in his native Venezuela from Dr. David Altchek, the Mets' team medical director -- who happens to be the surgeon who repaired Escobar's torn labrum in July 2008.
If Escobar is healthy and makes the Mets' roster, he's most likely headed for the bullpen. He could become a set-up man for former Angels teammate Francisco Rodriguez.
"With Escobar, we are looking at him as a reliever," Mets GM Omar Minaya said, according to the New York Daily News.
The contract includes $2 million in potential bonuses based on games pitched, and an additional $1 million for games finished, along with more potential bonuses for awards. Escobar would also earn a $125,000 bonus for making the Mets' Opening Day roster.
In 2007, his most recent full season, Escobar went 18-7 with a 3.40 ERA. He missed all of 2008 after shoulder surgery and pitched only five innings last season before another setback shut him down again.
He became a free agent after the Angels did not offer him salary arbitration.
Escobar came up through the Toronto Blue Jays system as a reliever and saved 38 games for the Blue Jays in 2002 before being converted to a starter.
In 411 career appearances, including 202 starts, Escobar is 101-91 with 59 saves and a 4.15 ERA.
ESPN.com baseball writer Jerry Crasnick contributed to this report.