Soto will make $2.75 million guaranteed and could add up to $250,000 in incentives, an MLB source said.
Soto, 29, batted .196 with five homers and 25 RBIs in 47 games for the Rangers in 2012 after the club acquired him at the trade deadline in July. Soto hit .199 with six home runs and 14 RBIs in 52 games for the Chicago Cubs before he was dealt.
The Rangers could not reach a deal before Friday night, so they non-tendered the catcher to avoid going to arbitration. He made $4.3 million and would have earned a raise in his final year of arbitration.
The agreement means the Rangers have at least one catcher for 2013, as Mike Napoli is headed to Boston, according to a source.
Information from ESPNChicago.com's Bruce Levine was used in this report.