The 2012 Cy Young Award winner has been the subject of trade speculation after going 10-8 with a 3.33 ERA last year while earning $10,112,500. He is eligible for free agency after the 2015 season.
His 2013 season was interrupted by his first stint on the disabled list, caused by a strained triceps.
Price is the Rays’ career leader in ERA and winning percentage, and he is second in victories.
Tampa Bay, which in 2013 made the playoffs for the fourth time in six seasons, announced the deal Thursday.
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