If Panik makes the team, he'll have a base salary of $1.85 million and can make another $400,000 in incentives, a source told ESPN's Jeff Passan
The 30-year-old hit .225 with one homer and seven RBI in 120 at-bats during the pandemic-shortened season, his first with Toronto. He earned $1,055,056 in prorated pay from a $2.85 million salary.
Panik is a seven-year major league veteran who has a .269 average, 39 homers and 240 RBI for San Francisco (2014-19), the New York Mets (2019) and Blue Jays.
Panik was an All-Star in 2015, when he hit .312 with eight homers and 37 RBI, and he won a Gold Glove the following year.
Toronto also announced big league spring training invites for a group that included pitchers A.J. Cole and Tim Mayza, and infielders Richard Ureña, Kevin Smith and Tyler White.
Toronto has been among the busiest teams on the free-agent market, agreeing to a $150 million, six-year contract with outfielder George Springer, an $18 million, one-year contract with shortstop Marcus Semien, a $5.5 million, one-year deal with right-hander Kirby Yates, a $3 million, one-year contract with right-hander Tyler Chatwood and a $1.75 million, one-year contract with right-hander David Phelps.
The Blue Jays also re-signed left-hander Robbie Ray to an $8 million, one-year contract.
Information from The Associated Press was used in this report.