The Skagit Valley Herald reports that Kendrick's ring, which he earned with the 2008 Phillies, was stolen when burglars broke into his unoccupied house in late March.
Police arrested five men shortly after the break-in, but the ring was gone.
But on Wednesday, Snohomish County deputies recovered the ring in a swamp near Bothell, Wash. Police were led there by a man "known to law enforcement." He was not arrested.
Kendrick is a native of Mount Vernon. He has pitched with the Phillies since 2007.