Price, Rays agree to one-year deal$14-million salary is highest single-season payout in franchise history
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.
A 28-year-old left-hander, Price went 9-4 with a 2.53 ERA in 18 starts during a season 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 made the playoffs for the fourth time in six seasons, announced the deal Thursday.