Frandsen spent part of 2006 and most of 2007 in the majors with the Giants in a utility role, before missing most of 2008 with an injury. He has a career .240/.304/.341 line in the majors, and a career .317/.380/.452 line in the minors. He has played 2B, SS, 3B, and both corner outfield spots in the majors, while spending about two-thirds of his time in the minors at second base and about one-third at shortstop.
BA had Frandsen as the #6 prospect in the Giants system heading into 2007, while Sickels had him at #5 as a B-.
I have no idea what the Giants might want for him, but you have to assume the Rangers are taking a look at the situation. The problem here -- and stop me if you've heard this before -- is that Frandsen is better suited defensively for second base, and is somewhat stretched defensively at shortstop.
The Rangers may well decide, at the end of the day, that they are best served by rolling with Joaquin Arias, who appears to have the tools to handle shortstop and fill the utility infield job, but who there are questions as to whether the light is ever going to come on. But if they go outside the organization, Frandsen is a name to remember.
UPDATE -- Meanwhile, over at USS Mariner, Dave Cameron is lobbying for the M's to pick up Frandsen.