The club announced the deal Friday, avoiding arbitration. Loney had asked for $5.25 million and had been offered $4.7 million when players and teams exchanged proposed arbitration salaries last month.
Loney hit .267 with 10 homers and 88 RBIs last season, when he made $3.1 million. His average and on-base percentage dropped during a slump in the second half, when he hit .211.
He was the last player in arbitration for the Dodgers, who open spring training Wednesday in Glendale, Ariz.