The deal is reportedly expected to include an invitation to Major League Spring Training.
Over 62 games with the Texas Rangers last season, Arencibia hit .177 with 10 home runs and 35 RBIs. Arencibia also played first base with the team.
Prior to playing with the Rangers last year, Arencibia spent four years with the Toronto Blue Jays, who selected him in the first round of the 2007 draft.
The 29-year-old was once viewed as one of Toronto's top prospects.
Baltimore went 96-66 last season before falling to the Kansas City Royals in the ALCS.