CSNBayArea.com reported the deal, which also includes incentives, Thursday afternoon.
Arias has been a valuable utility man for the Giants since signing as a free agent in December 2011. While battling nagging injuries last season, Arias hit .271/.284/.342 in 236 plate appearances with 17 runs and 19 RBI to go with nine doubles, two triples and a home run. He started 18 games at third base, 17 at shortstop, eight at second base and four at first base.
On the World Series championship team in 2012, Arias started 39 games at third base and 38 at shortstop while hitting .270/.304/.389 in 344 plate appearances with 13 doubles, five triples, five home runs, 30 runs and 34 RBI. He was 3-for-8 with two doubles and three runs in the postseason.
Arias, 29,was initially signed as an international free agent in 2001 by the New York Yankees. The Dominican was traded to the Rangers as the player to be named later in the February 2004 deal that brought Alex Rodriguez to the Yankees.
Arias debuted in the majors with Texas in September 2006 and later played for the New York Mets. He spent 2011 at Omaha of the Pacific Coast League as a member of the Kansas City Royals organization before signing with the Giants.