Cruz had originally been rumored to be seeking a five year deal worth $75 million, but has since reduced his expectations on the free agent market.
The Rangers could use another slugger in the middle of their lineup. They currently have Chris Gentry, Leonys Martin and Alex Rios lined up in the outfield with no true designated hitter. The team is also rumored to be seeking a trade to send away either Elvis Andrus or Ian Kinsler to open a starting spot for Jurickson Profar.
Cruz, 33, played in just 109 games in 2013 due to a 50 game suspension for his involvement with Biogenesis. Despite missing that time, he still cranked out 27 home runs while hitting .266/.327/.506. Cruz has hit 135 homers over the past five seasons. He has been with the Rangers eight years after being acquired alongside Carlos Lee from the Brewers in 2006.
General manager Jon Daniels says the team has a price point they would go up to with Cruz, but will only sign him if it makes sense financially.