The Cincinnati Reds and outfielder Ryan Ludwick finalized their agreement on a two-year contract on Monday, with the deal also containing a mutual option for the 2015 season.
The Reds' official site reported the pact, which was initially disclosed by CBSSports.com on Friday, was worth a total of $15 million over the next two years.
Ludwick had declined a one-year mutual option with the Reds in late October that would have paid him $5 million for the 2013 season, opting instead for a $500,000 buyout. He had signed a one-year contract that included the option with Cincinnati last January.
The veteran was a major component of the Reds' run to last season's National League Central title, clubbing 26 homers and knocking in 80 runs while batting .275 over 125 games. The home run total was the second-highest of Ludwick's 10-year major league career.
"Ryan was very important to our success last year, and we're looking to keep that momentum going into next season," Reds general manager Walt Jocketty said. "He and his agents made it clear he enjoyed his time here last season and that he wanted to continue to play in Cincinnati. We know he had other offers, and we're glad we were able to reach an agreement to bring Ryan back for at least two more years."
Ludwick is a career .263 hitter with 143 homers in stops with Texas, Cleveland, St. Louis, San Diego, Pittsburgh and the Reds.