The club made the announcement Monday, when the team traveled from the Bay Area to Chicago for an interleague series with the White Sox.
Carbonell resides in Merida, Mexico, and will report to Arizona once he has obtained a U.S. work visa, the team said.
He receives a $1 million signing bonus and salaries of $100,000 annually in the minor leagues. If he is promoted to the majors, his salaries would be $500,000 this year, $525,000 next season, $600,000 in 2016 and $650,000 for 2017.
The deal includes escalators that would bring his 2016 salary to $1 million with 500 or more plate appearances in 2015, and also $1 million for 2017 if he gets 500 or more plate appearances for '16.
He would receive performance bonuses of $50,000 each for 300, 350, 400 and 450 plate appearances, and $100,000 each for 500, 550 and 600 plate appearances. He could opt out of the remainder of the deal if he accumulates enough major league service time to become eligible for salary arbitration.
The 23-year-old played for Camaguey in the Cuban Serie Nacional for four years, batting .287 (163 for 568) with nine homers, 70 RBIs, 119 runs, 28 doubles and four triples in 190 games. He hit .298 with five homers and 28 RBIs in 62 games his last season, 2012-2013.
The key for San Francisco was signing Carbonell before July 2, making it count against the team's 2013-14 international signing pool rather than 2014-15.