St. Petersburg, FL (Sports Network) - The Tampa Bay Rays have officially avoided arbitration with David Price, signing the 2012 American League Cy Young Award winner to a one-year, $10.1125 million contract.

The 27-year-old southpaw went 20-5 with an AL-best 2.56 ERA and 205 strikeouts in 31 starts last season. Twenty-three of his outings lasted seven innings or more, the most in the majors.

A three-time All-Star, Price has a 61-31 career record with a 3.16 ERA in five seasons with the Rays.