Solarte, 30, is scheduled to earn $4 million in 2018. His contract also features a $5.5 million club option for 2019 and an $8 million club option in 2020.
According to The Athletic's Ken Rosenthal, the Padres will receive outfielder Edward Olivares in return. Olivares is the 18th-ranked prospect in Toronto's system and batted .269 with 17 home runs and 72 RBI in 494 Single-A at-bats last season.
FanRag Sports' Robert Murray added the Padres are also expected to acquire a "small second piece."
More than anything, Solarte can provide quality depth. He has experience playing first base, second base, shortstop and third base.
Last season, the utility man spent the bulk of his time (628.2 innings) at second base while splitting the remainder between shortstop (199.0) and the hot corner (156.2). The 2017 campaign also represented the first of Solarte's career in which he posted a positive defensive wins above replacement figure (0.4).
At the plate, Solarte slashed .255/.314/.416 with a career-high 18 home runs and 64 RBI.
For now, the four-year veteran should help back up shortstop Troy Tulowitzki and third baseman Josh Donaldson while competing with Devon Travis for innings at second base.
Stats courtesy of Baseball-Reference.com.