Abreu will make $800,000 if he makes the Phillies roster out of spring training, a baseball source told ESPN.com.
Abreu, who turns 40 in March, is a two-time All-Star with 2,437 career hits, 287 homers and 399 stolen bases in 17 seasons with the Phillies, Angels, Astros, Yankees and Dodgers. He played with the Phillies from 1998 to 2006 before being dealt to the Yankees at the trade deadline in 2006.
He ranks 23rd on MLB's career list with 565 doubles and is 22nd in walks with 1,456. Abreu needs 13 home runs and one stolen base to join Barry and Bobby Bonds as the only players in MLB history with 300 homers and 400 steals.
Abreu last played in the majors with the Dodgers in 2012. After failing to land a big league contract in 2013, he took the year off to tend to his business interests in his native Venezuela and prepare for a comeback.
He began attracting interest from major league clubs recently with a strong showing for the Leones del Caracas in the Venezuelan Winter League, where Mets hitting coach Dave Hudgens was his manager.
The Mets and Indians also had expressed interest in Abreu, and the outfielder had received feelers from Japan before reaching the deal with Philadelphia.