"When we signed Juan Carlos last winter, we felt that when he returned to health he could play a key role in our bullpen in 2014," said Andrew Friedman, the Rays' executive vice president of baseball operations. "Observing his work ethic throughout the rehab process and getting to know him as a person has strengthened that feeling, and we're excited to have the chance to see this through."
The Rays will pay Oviedo $1.5 million, but it can escalate to $2.9 million with incentives.
If healthy, Oviedo will give the Rays another late-inning option out of the bullpen.
The Rays acquired veteran closer Heath Bell in a trade with the D-backs, and they also have Jake McGee and Joel Peralta as late-inning options.
Oviedo, 31, is the pitcher formerly known as Leo Nunez. He last pitched in the Major Leagues in 2011, when he saved 36 games for the Marlins.
He saved 92 games in three years with the Marlins.
Bill Chastain is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.