The deal is for $2.425 million. Feldman asked for $2.9 million and the club countered with $2.05 million when numbers were exchanged for arbitration purposes.
"I was confident a deal was going to get done, so I wasn't worried about it," Feldman said. "But I'm glad it's done now."
The Rangers now have signed all of their arbitration-eligible players. They have not had an arbitration case go to a hearing since 2000.
Feldman had a breakthrough season in 2009, going 17-8 with a 4.08 ERA. He led the team and was tied for fourth in the American League in wins. He came into the season with seven career victories.