Lewis will make $3.25 million next season.
Lewis, 32, has become a reliable rotation member for the Rangers the past two seasons, pitching at least 200 innings in each. He was also Texas' best postseason starter in 2010 and 2011, posting a 4-1 record and a 2.34 ERA in eight postseason starts (50 innings).
He got a no-decision in both of his 2011 World Series starts as the Rangers pulled out a 2-1 win in Game 2, but lost in dramatic fashion in Game 6. Last year, Lewis won Games 2 and 6 of the ALCS and was on the mound for the club's only World Series win -- a Game 3 victory over the San Francisco Giants.
The Rangers also exercised the club option on right-handed pitcher Yoshinori Tateyama for the 2012 season. He will make $1 million.
Tateyama, 35, made 39 appearances in his big league debut with Texas and was 2-0 with a 4.50 ERA. He had a 3.91 strikeout-to-walk ratio, the eighth-best figure among AL relievers. In fact, Tateyama didn't have a walk in his first 57 batters faced.
Lewis was signed to his current contract prior to the 2010 season after the Rangers scouts saw him in Japan. He played for Hiroshima in 2008 and 2009 and had 369 strikeouts and just 46 walks in 354 1/3 innings (55 games). He showed excellent fastball command and an ability to change speeds and stay aggressive with hitters.
Lewis was 14-10 with a 4.40 ERA in 2011, having pitched most of the season with a hip injury. He was a much better pitcher on the road than at home. He was 5-5 with a 5.54 ERA at home and 9-5 with a 3.43 ERA on the road.
"It was a strange year in a way," Lewis said after Game 7 of the World Series. "Every year is different. The splits were different than last year. I went out and pitched every five days, pitched 200 innings. I contributed. That's all I want to do is contribute, keep my team in the ballgame and let them do what they're supposed to do. I felt like I did that."
Richard Durrett covers the Rangers for ESPNDallas.com.