The Cleveland Indians have exercised their 2020 option on Carlos Carrasco and signed him to a two-year extension that takes him through the 2022 season.

The deal also includes a team option for 2023.

The 2020 option is valued at $10.25 million and Carrasco will be paid $12 million each in 2021 and 2022. The 2023 option is worth $14 million, with a $3 million buyout, according to multiple reports.