8:39pm: Lowe will earn $1.25MM if he makes the big league roster, according to Jeff Wilson of the Fort Worth Star-Telegram (on Twitter). He can also earn an additional $1.7MM in performance bonuses, Evan Grant of the Dallas Morning News tweets.

6:26pm: The Rangers have agreed to terms with Derek Lowe on a minor league deal, according to Evan Grant of the Dallas Morning News (on Twitter). The right-hander is represented by Scott Boras, as shown in MLBTR's Agency Database. While Lowe is not guaranteed anything, he will almost certainly make the team, according to Grant.

Lowe, 39, spent 2012 with the Indians and Yankees, making 21 starts in Cleveland and 17 appearances out of the pen for New York. While the veteran has stated his preference for being in the rotation in the past, the Rangers plan to use him as a reliever. In total, Lowe posted a 5.11 ERA with 3.5 K/9 and 3.2 BB/9 across 142 2/3 innings of work.

The 6'6" hurler had interest from other clubs this offseason and received a minor league offer from the Rockies more than a month ago.