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Peavy Re-Ups with White Sox

Ron Vesely/MLB Photos via Getty Images(CHICAGO) -- The Chicago White Sox and pitcher Jake Peavy have agreed upon a two-year $29 million contract extension, the team announced Tuesday.

"Jake Peavy showed again last season why he is capable of being one of the top pitchers in the American League," Sox general manager Rick Hahn said in a statement. "Early on in this process, Jake expressed his strong desire to remain with the White Sox, and we're happy to reach a deal that keeps him at the top end of our rotation and his influence in our clubhouse for at least the next two years."

Peavy, the 2007 National League Cy Young award winner, went 11-12 with 3.37 ERA and 194 strikeouts for the Sox in 2012.

Peavy will make $14.5 million in both the 2013 and 2014 seasons. If he reaches certain innings requirements in those two seasons, he will have an option worth $15 million for the 2015 season.

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