Lopez was 15-12 with a 4.90 ERA in 35 starts last year, allowing 28 homers in 209 1/3 innings. He made $2,575,000.
His case was heard by arbitrators Margaret Brogan, Elizabeth Neumeier and Elliott Shriftman.
Management is 2-1 thus far, beating Washington second baseman-outfielder Alfonso Soriano and Colorado pitcher Sunny Kim and losing to Kansas City outfielder Emil Brown. The Twins and pitcher Kyle Lohse were awaiting a decision following their hearing Monday.
Four more players are scheduled for hearings.