The deal is worth $2 million and includes incentives, a source told ESPNNewYork.com.
Roberts, 36, has spent his entire 13-year career with the Baltimore Orioles. He is a two-time All-Star with a .349 career on-base percentage, 278 stolen bases and three seasons of 50 or more doubles. But he's been plagued by injuries and hasn't appeared in more than 77 games since 2009.
In recent years, Roberts has missed significant amounts of time with concussions and injuries to his neck, back, knee, abdomen, hip and hamstring. He's appeared in 192 of a possible 648 games over the past four seasons
Roberts and Kelly Johnson currently slot in as manager Joe Girardi's principal options at second base. Eduardo Nunez, who has spent most of his time in the big leagues at shortstop and third base, has made 11 career starts at second.
Foxsports.com reported Roberts' deal earlier Tuesday.
ESPNNewYork.com's Andrew Marchand contributed to this report.