The White Sox have agreed to a two-year, $29 million contract extension with Jake Peavy.

He went 11-12 with a 3.37 ERA in 219 innings and 194 strikeouts in 32 starts in 2012.

Peavy will receive $14.5 million in both 2013 and 2014 and if he reaches innings pitched thresholds, he can elect to extend the contract to include the 2015 season at a salary of $15 million.