MLB.com reported the contract for the seven-year veteran was for $15.5 million.
The right-handed starter compiled an 8-6 record and a career-best 3.24 ERA over 18 games for the Oakland Athletics last season before being hit in the face with a batted ball in a Sept. 5 game against the Los Angeles Angels.
He is expected to resume normal pitching activities over the winter after suffering an epidural hemorrhage, brain contusion and skull fracture in the incident.
McCarthy has a 37-39 record with a 4.02 ERA over his career with Oakland, the Chicago White Sox and Texas.
Dog comes home gnawing on human bone
Julius Randle breaks leg during NBA debut