Kennedy was to be introduced at the team's annual FanFest later in the day.
He gets $7.5 million next year, $13.5 million in 2017, $16 million in 2018 and $16.5 million in each of the final two seasons. He can opt out after the 2017 season, receive a $6 million buyout and become a free agent. If he opts out, the agreement would become a two-year, $27 million deal.
The 31-year-old right-hander went 9-15 with a 4.28 ERA for the San Diego Padres last season. He is four seasons removed from a 21-win campaign with the Arizona Diamondbacks and also has pitched for the New York Yankees during his nine-year big league career.