The 2007 NL MVP will make $7.5 million next year, the final season originally guaranteed under the $40 million, five-year extension he signed in June 2005.
A three-time All-Star, Rollins hit .250 with 22 homers, 77 RBIs and a team-high 31 steals last season as the Phillies won their second straight NL pennant. The shortstop was voted his third straight Gold Glove.
Rollins, the longest-tenured member of the current Phillies, has been with the major league team since 2000 and was a big part of Philadelphia's World Series title in 2008.
"Jimmy has always been an integral part of our club, not only on the field, but in the clubhouse as well," general manager Ruben Amaro Jr. said in a statement. "He has been a big part of the team's success over the past three years and there is no doubt that we want him to be a part of that in the future."
His 2011 option was tied to a $1 million buyout.