New York Mets outfielder Lee Mazzilli, a former All-Star who couldn't find a position this spring, was traded to the Texas Rangers for two minor league pitchers yesterday.

The Rangers, who one day earlier traded Al Oliver, their best hitter, to the Montreal Expos, gave up right-handers Walt Terrell and Ron Darling for Mazzilli.

Terrell, 24, one of the team's most promising pitching prospects, was 15-7 last season with a 3.10 ERA with Tulsa, the Rangers' minor league affiliate in the Texas League. Darling, 22, was 4-2 last year with a 4.46 ERA with Tulsa. Both will be sent to the Mets AAA team, Tidewater of the International League.

Mazzilli, 27, became expendable when the Mets acquired George Foster from Cincinnati this winter, giving them five outfielders. It was assumed that Mazzilli or Joel Youngblood would be traded for a starting pitcher.

"Sentiment is not supposed to play a part in this game," said Mets General Manager Frank Cashen. "But I must say it was a difficult, practical and sentimental decision to trade Lee Mazzilli to Texas. Maz has made sigificant contributions to the Mets in the past, but did not figure to get much playing time with the club in 1982.

"That would have been difficult for Maz and that influenced my decision to make the trade," Cashen said. "The Mets wish him well."

Last year Mazzilli hit .228, with six home runs and 34 RBI. In six major league seasons he has a .269 lifetime batting average.

Darling was an all-America at Yale. The 6-foot-3 right-hander was the ninth player chosen in the 1981 summer draft. Terrell has a 19-10 record in his year-and-a-half in pro ball. He struck out 123 batters in 174 innings for Tulsa.

In another trade, left-handed reliever Shane Rawley was sent by the Seattle Mariners to the New York Yankees for pitchers Gene Nelson and Bill Caudill and a player to be named later.

Rawley, 26, was 4-6 with a 3.97 in 46 games with eight saves. Nelson, 21, was 3-1 in eight starts in 1981 and was the first Yankee since 1960 to make the jump from Class A to the majors.

In other trades yesterday, the Cincinnati Reds acquired left-handed relief pitcher Bob Shirley, 27, from the St. Louis Cardinals for rookie pitchers Jose Brito and Jeff Lahti; and Pittsburgh traded right-handed pitcher Victor Cruz to Texas for shortstop Nelson Norman . . . Infielder Ken Reitz, who had three years to go on a guaranteed $275,000-a-year contract, was cut by the Chicago Cubs. He batted .215 last season.

The San Francisco Giants announced they negotiated an estimated $1 million settlement with Rennie Stennett and placed the second baseman on waivers. Stennett was signed by the Giants to a five-year $2 million contract when he left the Pittsburgh Pirates as a free agent in 1979.