Under the deal, the Angels will pay around $29 million of the $42 million owed Wells owed over the next two years, the New York Daily News reported.
The 34-year-old has cracked 259 home runs over 14 major league seasons with the Toronto Blue Jays and the Angels. His production has fallen in the last two seasons with Anaheim, however -- he batted just .222 during the span.
Wells has since rebounded with a strong spring training, posting a .361 average with four homers and 11 RBI in 36 at-bats in the Cactus League.
In return, the Angels received 21-year-old outfielder Exicardo Cayones and left-handed pitcher Kramer Sneed.
Cayones batted .228 with one homer and 15 RBI for New York's Class A Staten Island affiliate in 2012, while Sneed, 24, compiled a 0-7 mark with a 5.37 ERA in 31 games for Class A Tampa last season.