The 38-year-old shortstop's deal is contingent on him making the major league roster out of spring training, a source told ESPN.
Rollins, an Oakland native, will compete with Kelby Tomlinson, Ehire Adrianza and Conor Gillaspie for a reserve infield spot, per MLB.com.
He played all but 1/3 of an inning at shortstop in his 17-year career.
The 17-year veteran signed a minor league deal with the Chicago White Sox last season and made the 25-man roster. He was designated for assignment in June after hitting .221 with two home runs and eight RBIs in 41 games.
Rollins is a three-time All-Star and four-time Gold Glove winner at shortstop. He won the National League MVP Award and a Silver Slugger Award in 2007 and led the NL in stolen bases in 2001.
Mostly known for his 15 seasons in Philadelphia, Rollins is the Phillies' all-time hits leader with 2,306. He batted .267 with 216 homers, 887 RBIs and 453 steals in 2,090 games with Philadelphia.
He spent one year with the Los Angeles Dodgers in 2015, hitting .224 with 13 homers, 41 RBIs and 12 steals in 144 games.
Rollins has 2,455 career hits and a lifetime .264 batting average with 231 homers, 936 RBIs and 470 steals over 2,275 games.