The club has not confirmed the signing.
Peralta, 36, has pitched in 147 games for Tampa Bay over the past two seasons, serving primarily as the team's setup man. He went 2-6 with two saves and a 3.63 ERA in 2012.
Peralta made no secret at the end of the season that he wanted to return to the Rays, noting on one occasion that he "prayed" something would be worked out.
Signing Peralta means Tampa Bay will enter the 2013 season with the same pair of relievers covering the eighth and ninth innings, as the club picked up closer Fernando Rodney's 2013 option last week.
Right-hander Kyle Farnsworth and left-hander J.P. Howell are also free-agent relievers from this year's team, but there is no word yet whether the team will try and sign either.
Bill Chastain is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.