Díaz's agreement could be worth $36 million over four seasons.
The 31-year old will receive $6 million this season, $8 million in 2024 and $10 million for 2025. The 2026 club is $12 million with no buyout. There is a $1 million assignment bonus that would be payable by receiving team.
Díaz has spent parts of six seasons in the majors with Cleveland (2017-18) and Tampa Bay (2019-22). He has a career average of .278 with 39 home runs and 198 RBI.
Acquired by the Rays in a three-team trade on Dec. 13, 2018, Díaz hit .296 with nine homers and 57 RBI in 137 games last season, He career highs with 71 runs, 140 hits, 33 doubles, and 78 walks.
Díaz was the third Rays' arbitration-eligible player to reach a deal.
Reliever Pete Fairbanks agreed Friday to a $12 million, three-year contract that could be worth up to $24.6 million over four seasons. The 29-year-old right-hander was 0-0 with a 1.13 ERA in 24 appearances last year after beginning the season on the 60-day injured list with a right lat strain.
Left-hander Jeffrey Springs also agreed last week to a $31 million, four-year contract that could be worth $65.75 million over five seasons.
The 30-year-old began last season in the bullpe transitioned to the starting rotation in May and finished 9-5 with a 2.46 ERA in 33 appearances, including 25 starts.