SiriuxXM reported that the deal is worth $4.5 million, with incentives that could raise its value to $6 million.
Rodney, who recorded a 5-4 mark with a 4.23 ERA, converted 39 of 45 save opportunities last season with the Arizona Diamondbacks. The three-time All-Star tossed 10 2/3 hitless innings while striking out 16 from May 26-July 2.
The 40-year-old Rodney has 300 career saves and a 44-63 mark with 3.73 ERA in 14 major league seasons with eight teams. He led the American League in saves in 2014 when he had 48 for the Seattle Mariners.