DALLAS — Roy Oswalt is finally a Texas Ranger.

The free-agent right-hander, concluding months of speculation, agreed Tuesday to a one-year contract with the Rangers worth $5-6 million, a major league source told FOX Sports.

The last hurdle for the Rangers was ownership approval, since the team was already over-budget with a payroll of $120.5 million at the start of the season.

However, the Rangers’ average attendance has increased from 36,382 last season to 43,818 through 24 games  — second only to the Philadelphia Phillies.

The Rangers, who passed on Oswalt in spring training due to their surplus of starting pitchers, recently lost right-hander Neftali Feliz, creating an opening in their rotation.

The expectation is that Oswalt, 34, will be ready to pitch in the majors in three to four weeks.

He had a 3.69 ERA in 23 starts for the Phillies last season, but twice went on the disabled list with back trouble.

The Rangers’ interest stems in part from Oswalt’s prior relationship with club president Nolan Ryan, and perhaps received a final push when the Los Angeles Angels lost right-hander Jered Weaver to an apparent back injury on Monday night.

By signing Oswalt, the Rangers effectively staged a preemptive strike on the Angels, preventing their principal division rival from getting involved in the bidding.

The Red Sox, Phillies and Dodgers also have shown interest in Oswalt.

The Phillies just lost ace Roy Halladay for six to eight weeks, while the Dodgers have put lefty Ted Lilly on the disabled list with a shoulder injury.