Martin Perez, the Rangers' No. 3 prospect entering the 2013 season, has signed a four-year extension with the team through 2017, with club options for 2018-20.
The deal is valued at $12.5 million, according to the Dallas Morning News.
Perez could give up two years of free agency with the deal if the options are exercised, as he wouldn't have been eligible until following the 2018 season. But the Rangers buy out his first arbitration seasons, which would have begun following the 2015 season.
Perez cracked the Rangers' rotation for good in 2013, going 10-6 with a 3.62 ERA.
He gave up 129 hits in 124 1/3 IP and walked 37 while striking out 84.
He was especially strong in his final 12 starts, going 7-3 with a 3.19 ERA.