The extension is an amendment of the original contract Beltre signed on Jan. 5, 2011. In that deal, the first five years and $80 million were guaranteed with an option in 2016 that could have paid Beltre $16 million if he hit specific incentives in plate appearances last year and/or in 2015.
"It was an easy [process]," general manager Jon Daniels said. "It wasn't really a negotiation. We wanted to pick it up and he wanted to be here and it got done."
Under the amendment announced Monday, Beltre is guaranteed $16 million this year and $18 million in 2016, The Associated Press reported.
Texas could have voided the final year if Beltre failed to reach the incentives, but when Beltre arrived a few days early for camp on Sunday, general manager Jon Daniels said he didn't intend on letting the issue, which was a hot topic in camp, go that far.
"We would like Adrian to finish his career as a Ranger," Daniels said.
Beltre, who turns 36 in April, said he wanted to remain with the Rangers as long as the team didn't undergo a change in philosophy and a rebuild.
"I want to win a World Series, and I want to be on a team thinking like that," Beltre said Sunday.
"I think there's a trust there," Daniels said Monday. "He understands what we are trying to do and I think he saw that this winter. Some people thought we might trade some of our veteran guys but that's not where we are. There's no plan to take a step back."
In 2014, Beltre batted .324 with 19 home runs and 77 RBIs even though injuries depleted the lineup of protection or punch. He also played Gold Glove-quality defense.
Beltre has produced a .315 batting average with a .364 on-base percentage and .530 slugging percentage over his first four seasons with Texas from 2011-14, averaging 29 home runs and 94 RBIs per year.
He has been selected Rangers Player of the Year for each of the past three seasons. In 2014, he was selected to the All-Star Game for a fourth time and landed his fourth career Silver Slugger Award while ranking among American League leaders in on-base percentage (third, .388) and batting average (fourth, .324).