Free-agent pitcher Bronson Arroyo and the Diamondbacks have reached agreement on a two-year, $23.5M contract with a club option for a third year, team president Derrick Hall confirmed Friday.

Arroyo, who turns 37 this month, will make base salaries of $9.5M in 2014 and 2015. The deal includes an $11M club option for 2016 and a $4.5M buyout.