The deal was completed after the Cubs claimed Ramirez off waivers. He has been assigned from Double-A Frisco to Double-A Tennessee.
Ramirez, 24, was 9-3 with a 3.84 ERA over 21 games with Double-A Frisco this season. He led the Texas League in strikeouts (127) and ranked 5th in wins. The right-hander was in big league camp for the second straight spring after splitting the 2012 campaign between Frisco and Triple-A Round Rock.
With the completion of the trade, the Rangers have 39 players on their 40-man roster.