ST. PETERSBURG -- The Rays have reached an agreement with American League Cy Young Award winner David Price on a one-year deal, thereby avoiding arbitration.

The club officially announced the agreement, worth $10.1125 million, on Wednesday afternoon.

Price, 27, made $4.35 million in 2012 and was arbitration-eligible for a second time due to his "Super Two" classification.

Players who have at least three years, but fewer than six, of Major League service time, are eligible to file for arbitration. But players in the top 17 percent, based on service time, with at least two but fewer than three years of service are eligible for arbitration under "Super Two" status. The rule states that a player must have at least 86 days of service in the immediately preceding season to qualify for this status. Typically, the cut-off for the top 17 percent has been around two years, 130 days of total service, though the days fluctuate from year to year.

Price, who went 20-5 with a 2.56 ERA in 2012, is eligible for free agency after the 2015 season.