The contract will reportedly pay Smyly $4 million in guaranteed salary and includes bonuses, according to Andrew Baggarly of The Athletic.
Smyly, 30, opened the 2019 campaign with the Texas Rangers. He was demoted to the bullpen and then released in June after authoring an 8.42 ERA and an 8.05 FIP over 51 1/3 innings.
The former second-round pick bounced back upon signing with the Philadelphia Phillies in late July. He made 12 starts down the stretch while posting a 4.45 ERA and a 4.79 FIP.
Across six career MLB seasons, Smyly has made 106 starts and an additional 75 appearances out of the bullpen with four different teams.