The deal is pending a physical. Pitcher Gil Meche is the only Seattle player remaining in arbitration.
Seattle used Bloomquist's versatility last season, when the 28-year-old played at first (one game), second (32 games), third (six games), shortstop (24 games) and the outfield (15 games).
Bloomquist had career-highs in at-bats (249), batting average (.257), doubles (15), RBI (22) and stolen bases (14) last season. He is hitting .261 in 267 career games.
"He helps us in a variety of roles, including the ability to steal a base and play almost any position on the field," general manager Bill Bavasi said.
Bloomquist tied a team record with three doubles July 6 against Kansas City, but his season ended early after he was placed on the disabled list Aug. 30 with a strained left hamstring.
He gets a $50,000 signing bonus, $625,000 this year and $850,000 in 2007. He can earn $150,000 om performance bonuses this year based on plate appearances and $250,000 in 2007. In addition, his 2007 salary can escalate by up to $250,000.
Meche asked for a raise from $2,535,000 to $4.2 million and was offered $3.35 million.