On Friday, the team officially announced that they had agreed to terms with Chavez -- confirming multiple reports on the matter earlier in the week.
It was known that the Valley resident was interested in rejoining the Diamondbacks, but he was reportedly monitoring the team's offseason activity while gauging his decision.
CBS Sports' Jon Heyman, who originally reported the deal on Wednesday, when the agreement was just verbal, reports that the contract is worth $4.5 million, as long as the third baseman makes the roster out of spring training.
When healthy, the left-handed hitting Chavez played a key bench role for the Diamondbacks last season -- hitting .281/ .332/ .478 with 44 RBI over 80 games.
Chavez twice hit the 15-day disabled list last season, once with an oblique injury and once with a knee strain while missing 15 and 25 games respectively on the stints. In July, the former Oakland Athletic and New York Yankee also missed four games with a hip injury.
The six-time Gold Glover (2001-2006) boasts a .268 lifetime batting average, tallying 257 career home runs and an .818 on-base plus slugging percentage. He captured a Silver Slugger award in 2002 for his offensive exploits as the Athletics' third baseman.