The Cubs announced that they agreed to sign right-hander Scott Feldman to a one-year contract. Feldman, a client of agent Matt Brown, obtains a base salary of $6MM with $1MM in incentives, Paul Sullivan of the Chicago Tribune reports (on Twitter).

Feldman appeared in 29 games for the Rangers this past season, making 21 starts and pitching as a reliever eight times. He finished the season with a 5.09 ERA, 7.0 K/9, 2.3 BB/9 and a 42.2% ground ball rate in 123 2/3 innings. In parts of eight seasons with the Rangers, Feldman has a 4.81 ERA with 5.4 K/9 and 3.1 BB/9. His best season came in 2009, when he posted a 4.08 ERA in 189 2/3 innings and won 17 games.

Dave Cameron of FanGraphs identified Feldman as one of the best buys available for teams seeking value at the back of their rotations, explaining that Feldman resembles Brandon McCarthy in many ways. Feldman joins Scott Baker, Matt Garza, Jeff Samardzija, Travis Wood and others in the Cubs' projected rotation.

By signing Baker and Feldman, GM Jed Hoyer has addressed one of the Cubs' most pressing offseason needs — rotation depth — in a meaningful and affordable way. Like Paul Maholm, who signed in Chicago last offseason, Hoyer's additions figure to provide average or better than average production on contracts that don't limit the Cubs in the long-term.

The Rangers declined their 2013 option for Feldman last month, choosing a $600K buyout over a $9.25MM salary. He did not rank among MLBTR's top 50 free agents.

ESPN.com's Buster Olney first reported the sides were nearing a deal.