Chavez will earn $1.5 million in 2012 with the potential to earn another $500,000 in performance bonuses.
Chavez, 33, played in 83 games last season with the Texas Ranger, batting .301 with five homers, ten stolen bases and 37 runs scored in 256 at-bats.
The Mets were reportedly interested in bringing Chavez back, but Endy may have become too costly for the cash-strapped Mets who seem to be at their spending limit.
Chavez enjoyed his best year as a Met in 2006, when he drove in 42 runs, stole 12 bases and set career highs in batting average (.306) and on-base percentage (.348), but is best known for making one of the greatest defensive plays in postseason history; a leaping catch at the wall to rob Scot Rolen of a home run in Game 7 of the National League Championship Series. Chavez then threw the ball into the infield for an inning-ending double play.