Perez will re-join Johan Santana, John Maine, Mike Pelfrey and either Tim Redding or Freddy Garcia to compose the team's starting rotation.
The contract does not include a fourth-year option or performance incentives, keeping the average yearly salary at $12 million per year. Perez made $6.5 million in 2008.
The Mets initially
offered the left-hander a three-year contract worth about $30 million, according to Jon Heyman of Sports Illustrated.
Acquired on the 2006 trading deadline from the Pittsburgh Pirates, along with relief pitcher Roberto Hernandez, Perez has matured into a mainstay in the Mets rotation, starting 63 games over the past two seasons.
Control issues have troubled Perez, who led the league in walks last season with 105, over his professional career, but his high strikeout rate, 1027 strikeouts in 999.1 career Major League innings, makes him an intriguing talent.
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