The Rangers also will pay part of the remaining portion of Dyson's $3.52-million salary this season.
Former closer Dyson last pitched for Texas on May 31st against Tampa Bay, where he gave up three runs in an inning of work. Dyson lost the closer's job this season after blowing his first four chances for the Rangers.
Dyson has been one of baseball's big mysteries this season.
Dyson, who had 38 saves last season, was 1-6 with a 10.80 ERA in 17 appearances and blew all four of his save opportunities for Texas this year.
Daniels said he likes the potential of what the deal can return to the Rangers.
"Other teams looking at it understood that this was not a typical DFA", Daniels said. "While Sam struggled this year, he performed at a really high level the last couple of years and this spring", Daniels said.
With that track record, Ken Rosenthal of Fox Sports reported multiple clubs showed interest in Dyson after the Rangers made it clear they were going to move him.
No indication yet as to who the player to be named later might be, though it wouldn't be unreasonable to guess that the Rangers and Giants have agreed on a list of players from which the Rangers will get to select.
For those unfamiliar how PTBNLs work: The teams have six months from the date the trade to complete it.