The San Francisco Chronicle is saying that Miguel Tejada "makes sense from a roster point of view" in Oakland.
The A's always need right-handed hitters, and unless they sign an infielder who can play SS along with Cliff Pennington, they'll have to promote Gregorio Petit, who didn't hit well in either AAA or the majors last year. Miggy can still outhit anyone they've got in the infield, even at age 35. It's not clear if the steroid issue or anything else from his first tour of duty would preclude a return.
Despite rumored interest from the Phillies, who would want him to play third, and the A's, who apparently are ok with him playing short, I imagine that Houston is still Tejada's first option. Unless Run-DMc and Easy Eddie lowball him. Which is entirely possible. It's still too risky to offer Tejada arbitration, because he just might accept. And under arbitration rules, a player accepting arbitration cannot take more than a 20% pay cut, meaning that Tejada would be making at least $12 million.