Farnsworth is reported to have signed a one-year Major League contract -- worth as much as $3 million if he reaches the incentives in the deal, which is pending a physical.
Farnsworth served as the Rays' closer in 2011 and notched 25 saves while compiling a 5-1 record with a 2.18 ERA in 63 appearances. Fernando Rodney took over the closer role in 2012 after Farnsworth began the season on the disabled list with a right elbow problem.
Farnsworth eventually returned to the team, but he did not return to the closer role. He finished with a 1-6 record and a 4.00 ERA in 34 appearances.
Besides Tampa Bay, Milwaukee had been rumored to be Farnsworth's most serious suitor.
With Farnsworth back in the fold, the Rays will head to Spring Training with the potential to have another solid bullpen. In addition to Farnsworth, the relief corps will include Rodney, Joel Peralta, Jake McGee, Cesar Ramos, Brandon Gomes and Dane De La Rosa.
Bill Chastain is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.