Bard, who has spent his major league career with Boston, is coming off surgery a month ago for Thoracic Outlet Syndrome. His activities are expected to be limited during spring training.
The deal was announced Monday, when the Rangers also agreed to a minor league contract with right-hander Armando Galarraga.
Bard was 10-19 with a 3.67 ERA in 211 games for the Red Sox from 2009-13. He was designated for assignment by Boston on Sept. 1, and claimed off waivers by the Chicago Cubs on Sept. 4.
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