Steve Phillips of AOL Fanhouse reports that Texas has reached a one-year agreement with the 41-year-old, with a vesting option for a second year. Rhodes is coming off a great couple of years in Cincinnati, where he had a 2.41 ERA, and ERA+ of 171 and a 1.043 WHIP. He was an All-Star last season for the first time in his 19-year career.
Rhodes is a Type A free agent, but the Rangers would not lose a draft pick to sign him because the Reds didn't offer him arbitration. He made $2 million each of the past two seasons.
UPDATE: Jon Heyman of SI.com reports that the Rhodes deal would be worth a total of about $8 million if the second year vests.
-- David Andriesen