4:42pm: The Rangers view Lowe as a candidate for the bullpen, T.R. Sullivan of MLB.com reports. Presumably this deal won't affect the Rangers' interest in Lohse.
2:41pm: The Rangers are on the verge of signing right-hander Derek Lowe to a minor league deal, according to Evan Grant of the Dallas Morning News (on Twitter). Lowe, 39, is represented by Scott Boras.
Lowe spent 2012 with the Indians and Yankees, making 21 starts in Cleveland and 17 appearances out of the pen for New York. In total, Lowe posted a 5.11 ERA with 3.5 K/9 and 3.2 BB/9 across 142 2/3 innings of work. The veteran could provide Texas with pitching depth in the wake of Martin Perez's forearm injury.
Recently, we learned that the Rangers are still talking with Boras about another one of his prominent clients, Kyle Lohse. However, that pairing doesn't appear to be imminent at the moment and the Rangers may have decided on a less costly support option in Lowe.
Lowe had interest elsewhere and received a minor league offer from the Rockies more than a month ago.