Vargas, traded by the Mets to Seattle in December 2008, could be in camp with NY by Monday.
This is a pretty big coup for a team looking to surprise the masses.
Having just turned 35 on February 2, Vargas hasn't seen many suitors come around this winter despite coming off the best season of his career.
That changed last season with the Kansas City Royals.
At Olympics, North Korean Atrocities Overlooked by South, Overplayed by US
The Koreans made Olympic history of their own with their first goal at 9:31 of the second on their 33rd shot over three games. In 2002, when the two Koreas were in a reconciliatory mood, North Korea even broadcast the World Cup matches in the South.
Vargas, who turned 35 this month, figures to be part of the Mets' rotation this season. If all are healthy, it's not a bad starting unit for a NY squad that has improved leaps and bounds this winter. Before the break, he was 12-3 with a 2.62 ERA. He gave up one run on two hits in 5 1/3 innings.
During the 2015 season, Vargas suffered an elbow injury that required Tommy John surgery, and he missed the postseason. With Vargas on board, the Mets will have at least six starters - if all are healthy - and Wheeler could be squeezed to the bullpen. In his four seasons with the Royals, Vargas was 34-23 with a 3.88 ERA in 74 starts.
Vargas is the second Royals player from the 2014-15 teams to leave Kansas City this winter.
Coming off a 70-92 season that followed consecutive playoff appearances, NY also signed reliever Anthony Swarzak to a $14 million, two-year contract in December.