The deal is worth $3.5 million, league sources told ESPN's Jeff Passan.
Cabrera is expected to replace the retired Adrian Beltre at third base, Rosenthal added, although the veteran also has past experience manning second base and shortstop.
The 33-year-old split last season between the New York Mets and Philadelphia Phillies, hitting .262/.316/.458 with 23 home runs, 36 doubles, and 75 RBIs.
His 2.7 WAR in 2018 would have ranked third on the Rangers among qualified hitters, according to Fangraphs
During his 12-year MLB career, Cabrera's appeared in two All-Star Games, won a Silver Slugger, and owns a lifetime slash line of .269/.330/.424 with 162 home runs and 705 RBIs.