The deal also includes All-Star and award bonuses.
Street was acquired by the Rockies in November in the deal that sent Matt Holliday to Oakland.
Street is expected to compete with Manny Corpas for the closer's job in spring training.
This is Street's second year of arbitration eligibility. He can't be a free agent until after the 2010 season.
Jayson Stark is a senior baseball writer for ESPN.com.