The deal, which is pending a physical, includes a team option for the 2021 season, sources said. If the option gets exercised, Frazier would make $9.25 million over two years.
The right-handed-hitting Frazier, a two-time All-Star in eight major league seasons, hit .251 with 21 home runs and 67 RBIs in 133 games last season for the New York Mets.
He is a career .243 hitter with 214 home runs and 624 RBIs.
Frazier was an All-Star in 2014 and 2015. He hit 35 homers for the Cincinnati Reds in 2015 and won the Home Run Derby, then set career highs with 40 homers and 98 RBIs for the Chicago White Sox in 2016.
A steady defender his whole career, Frazier turns 34 next month. The veteran slugger also has some valuable experience at first base, which could come in handy if the Rangers need options in the infield.
Frazier, who is from New Jersey, was a 1998 Little League World Series champion in Toms River and later starred at Rutgers.