The deal is believed to be worth $6.6 million and the club option is for $5.25 million, according to SB Nation.
Walden, 27, has appeared in 50 or more games in three of the past four seasons and was an American League All-Star in 2011 with the Angels.
Walden posted a 2.88 ERA in 2014, while leading the Braves with 20 holds. Throughout his career, Walden is 12-13 with a 3.10 ERA.
William Boor is a reporter for MLB.com. Follow him on Twitter at @wboor. This story was not subject to the approval of Major League Baseball or its clubs.