He appeared to be seeking a contract in the $5 million to $7.5 million range, and it seems as if that's what he'll be getting in Texas.
The Rangers reportedly needed ownership approval to sign Oswalt, which appeared to be the only thing holding back the team from bringing him in earlier.
The Rangers have stayed in contact with Oswalt since this past offseason, but the Neftali Feliz injury appeared to influence them into making a hard push for the right-hander.
Rangers CEO Nolan Ryan and pitching coach Mike Maddux helped convince Oswalt to come to Texas according to Ben Nicholson-Smith of MLBTradeRumors.
Oswalt made 23 starts last season with the Phillies, posting a 3.69 ERA and a 45.1 percent ground-ball rate.
His average fastball velocity dropped down to 91.4 mph though, and he needed a few stints on the disabled list to nurse back his injuries.
If Oswalt is successful in Texas, Feliz can return to the bullpen when he recovers from his injury.