Starting pitcher David Price, winner of the 2012 American League Cy Young Award, and the Tampa Bay Rays have avoided salary arbitration by agreeing in principle to a one-year deal.

The terms of the contract were not immediately disclosed but it is expected to pay Price more than $10 million in 2013, far above the $4.4 million he made last season.

The star 27-year-old southpaw, who has a 61-31 record and a 3.16 ERA for his career, will be eligible for free agency after the 2015 season.

Price has been selected to the past three All-Star Games and in 2012 won his first Cy Young Award with a mark of 20-5 and a 2.56 ERA, narrowly beating out Detroit Tigers pitcher Justin Verlander in the voting.

He has spent his entire career with the Rays, playing a key role in the franchise's run to its only World Series berth in 2008 and helping lead the team to the playoffs in the 2010 and 2011 seasons.