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St. Petersburg, FL (Sports Network) - The Tampa Bay Rays and 2012 Cy Young Award winner David Price have avoided arbitration by agreeing on a one-year contract.

The Tampa Bay Times reports the deal is worth just over $10 million.

The 27-year-old left-hander went 20-5 with an American League-best 2.56 ERA over 31 starts for the Rays last season.

A three-time All Star, Price has a 61-31 career record with a 3.16 earned run average through 125 games (120 starts) with Tampa Bay.

He has also went 1-3 with a 3.96 ERA and one save in eight career postseason appearances, including three starts.