The deal includes a vesting third-year option, a source told ESPN.
Verlander, who turns 40 in February, returned from Tommy John surgery to lead the Houston Astros to their second World Series championship in 2022.
He had the lowest ERA in the majors and was a unanimous winner of his third Cy Young Award -- becoming the first player to earn the prize after not pitching in the previous season.
He went 18-4 with a 1.75 ERA and 185 strikeouts in 28 starts this past season and made his ninth All-Star team. He won Game 5 in Philadelphia for the first World Series victory of his illustrious career, then became a free agent this month.
The 39-year-old right-hander made only one start in 2020 because of his elbow injury and missed the entire 2021 season while recovering from surgery.
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