The right-hander and the Kansas City Royals finalized a two-year, $10 million deal on Thursday.
According to multiple media reports, Hochevar will make $4 in 2015 and $5.5 million in 2016. A mutual option for a third season carries a $500,000 buyout.
Hochevar, 31, will rejoin an already loaded Royals bullpen that includes fellow right-handers Wade Davis, Greg Holland and Kelvin Herrera. All four are now under team control through at least 2016.
Hochevar, a former No. 1 overall draft pick, struggled as a starting pitcher before moving to the bullpen in 2013, where he went 5-1 with a 1.92 ERA.
Over seven major league seasons, all with Kansas City, Hochevar has a 43-61 record with two saves and a 5.10 ERA in 190 games (128 starts).
He is expected to be ready to pitch when the Royals report to Surprise, Ariz., for spring training in mid-February.