The Texas Rangers and outfielder Nelson Cruz reached an agreement Thursday on a two-year, $16 million contract to avoid arbitration both this offseason and next winter as well.

The 31-year-old slugging outfielder, Cruz had asked for $7.5 million in arbitration and the team had offered $5.5 million. He made $3.65 million last year. The new agreement includes $500,000 in performance bonuses over the two years of the contract.

Cruz played in 124 games for the Rangers this past season and hit .263 with 29 home-runs, 87 RBIs and a .509 slugging percentage. He was also the Most Valuable Player of the American League Championship Series against the Tigers, hitting a postseason-record six home runs with 13 RBIs.

The Rangers still have one pending arbitration hearing left with catcher Mike Napoli, which is scheduled for next Wednesday, if an agreement can't be reached before then.