The Rangers still have their eyes focused on the big prize, but since landing Nolan Arenado remains a long shot, they are also hedging their bets some.

Todd Frazier would present a nice hedge fund investment.

According to three sources, the Rangers have reached out to the free agent infielder about a possible one-year deal that could help them address two remaining issues. Frazier, who turns 34 in February, would give the Rangers a right-handed power hitter to play third base — if obtaining Arenado from Colorado doesn’t come to fruition — or a right-handed first baseman to pair with Ronald Guzman.

An All-Star in back-to-back seasons with Cincinnati in 2014-15, Frazier’s OPS fell to .693 with the New York Mets in 2018. He had something of a bounce-back season in 2019 with a slash line of .251/.329/.443/.772, playing primarily as a third baseman after missing the first month of the season with an oblique strain. He hit 21 homers in 447 at-bats.

A repeat of his OPS would represent a jump for the Rangers at either corner infield position. They ranked 26th in the majors with a .699 OPS from third base last year; they were 29th at first base at .704.

Also of note: Frazier’s slash line against left-handed pitching was .294/.373/.540/.913. Muscle strains have been an issue since he turned 30, costing him about a month in each of the last three seasons.

A platoon role would seem ideal, which is why Frazier would make sense for the Rangers even as they continue to pursue Arenado into 2020. He could pair with Guzman, who was ineffective against left-handed pitching. Guzman, an excellent fielder, could also be used as a defensive replacement late in games he does not start.

It would also give the Rangers some insurance if Arenado doesn’t end up in their lap. And to reiterate: An Arenado deal would be complicated, which is to say, still unlikely.

While the Rangers appear willing to take on most, if not all, of the $234 million over seven years that remains on Arenado’s contract, that might be the simplest part of completing a deal. There are other factors, starting with the return package, but also including the opt-out after 2021 in his contract and his complete no-trade clause.

Other teams connected with Arenado such as Atlanta and the Los Angeles Dodgers could probably offer a better return in terms of players. It seems highly unlikely the Rockies would trade their franchise player to a team they are constantly chasing in their own division. As for the Braves, they seem to be most interested in re-signing Josh Donaldson to a three- or four-year deal.

Beyond that, there are the opt-out and the no-trade clause. A team trading for Arenado would probably want assurances he would not exercise that. Then there is the no-trade clause. For Arenado to waive it, he’s likely going to want a strong chance to win. Even if he believes the Rangers are better situated to win than the Rockies, he might believe an even better chance would come along at a later point.

It might also make sense for Frazier to wait out the Arenado situation a while longer. If the Rangers don’t end up with Arenado, his bargaining position as an everyday third base option becomes stronger than if he was to agree to a deal based on the possibility of being a part-time player.