After spending the past three seasons with the Los Angeles Angels, Oliver starts his third stint with Texas. The 39-year-old left-hander began his career with the Rangers, pitching for them from 1993-98. He was back with Texas from 2000-01.
Oliver was 5-1 with a 2.71 ERA in 63 games last season. His deal includes a $3 million salary next year and a $3.25 million option for 2011 with a $500,000 buyout. The second year of the contract would become guaranteed if Oliver makes 60 appearances next season.