A 2016 NL All-Star with the New York Mets, Familia led the majors that year with 51 saves. He has only 43 saves since 2016 and only one last season in 65 games with the Mets.
Sources told ESPN's Jeff Passan on Monday that Hand's deal is worth $6 million.
Hand was a three-time All-Star between 2017 and 2020 when he totaled 103 saves with a 2.63 ERA. He struggled last season with the Washington Nationals and Toronto Blue Jays but finished strong with the Mets. Overall, he was 6-7 with a 3.90 ERA and 21 saves in 2021.
To make room on the 40-man roster, left-hander Scott Moss was designated for assignment.
Information from The Associated Press was used in this report.