David Ortiz will remain a member of the Boston Red Sox, after the club confirmed on Monday that the slugger has agreed to a two-year contract.
Financial terms were not disclosed, though Comcast SportsNet New England reported on Friday that the pact will be worth $26 million guaranteed and contains additional incentives that could push the total value to $30 million.
"This is a very important step in our offseason. We're thrilled to keep him here," said Red Sox general manager Ben Cherington at a press conference announcing the new contract. "We want David to retire as a Red Sox, and we hope that's many years from now. But we're happy he'll be sitting in the middle of our lineup next year."
Despite being limited to just 90 games due to a right Achilles injury, Ortiz belted 23 homers and knocked in 60 runs while batting .318, his highest average since 2007.
Since joining the Red Sox prior to the 2003 campaign, the standout designated hitter has averaged 34 homers and 109 RBI while batting .290 over 10 seasons and has been selected an American League All-Star eight times over that span.
"It's an honor for me to be back with an organization I've been a part of for the last 10 years. My focus right now is to provide what this organization has come to expect from me," said Ortiz. "I want to try to represent it the best I can. It was very painful what we went through this year."
Ortiz, who turns 36 on November 18, would have been a free agent at 12:01 a.m. (ET) last Saturday, and FoxSports.com reported last Thursday that the Texas Rangers had an interest in the veteran as a possible replacement for free-agent outfielder Josh Hamilton.
The Red Sox did give Ortiz a qualifying offer prior to Friday's deadline, the only one of the team's free agents to receive one. Boston did not tender offers to outfielders Cody Ross and Scott Podsednik, pitchers Aaron Cook, Daisuke Matsuzaka and Vicente Padilla and first baseman James Loney.