Wheeler gets a raise from $800,000 to $1.9 million instead of New York's $1.5 million offer. Arbitrators John Skonier, Andrew Strongin and Phillip LaPorte made the decision Thursday, a day after hearing arguments.
A 27-year-old right-hander, Wheeler had Tommy John surgery on March 25, 2016, made one minor league appearance that August and returned to the Mets last spring. He went 3-7 with a 5.21 ERA in 17 starts.
Wheeler was sidelined by biceps tendinitis in June, went 0-2 in four starts when he returned while allowing 24 hits and 11 walks in 20 innings, then went on the DL for the rest of the season with what the team said was a stress reaction in his right arm.
Twelve players remain scheduled for hearings through Feb. 16.
Information from The Associated Press was used in this report.