Stubbs, 31, is expected to join Saturday's spring training workouts in Surprise, Ariz., as the Rangers look to add depth in the outfield.
A sore left knee will force Rangers slugger Josh Hamilton to the disabled list for the start of the 2016 season. Hamilton is expected to be out for two months while recovering and working his way back.
Stubbs is a seven-year veteran who finished last season with the Rangers, going 2-for-21 (.095) in 27 games. Stubbs was used as a pinch runner and a defensive replacement during the postseason.
Stubbs batted just .195 with five home runs and 10 RBIs in 2015, including his time with the Colorado Rockies.
"He is a plus defender who can play all three outfield positions," general manager Jon Daniels said of Stubbs. "He can really run, and we think there is more in the bat than we saw last year. We'll see where it goes."
Stubbs is a career .244 hitter with 89 homers, 276 RBIs and 152 stolen bases in 842 games.