The Cardinals did not disclose financial terms, but a source told ESPN's Adam Schefter that the deal is worth $21 million, including $13.5 million fully guaranteed, and could grow to a maximum of $25.5 million.
The Cardinals also re-signed quarterback Colt McCoy to a two-year contract Monday. Terms were not disclosed but it's a $7.5 million deal, including $6 million fully guaranteed at signing, a source told ESPN's Adam Schefter.
In addition, linebacker and special-teams standout Dennis Gardeck reached agreement to re-sign with the Cardinals on a three-year, $12 million deal, per his agency, AMDG Sports.
Conner led the Cardinals in rushing with 752 yards and 15 touchdowns on 202 carries while playing in 15 games last season. He also had 37 catches for 375 yards and three touchdowns.
His 15 rushing touchdowns were the third-most in the league last season, and his 18 total touchdowns were tied for second-most.
Conner, who spent the first four seasons of his career with the Pittsburgh Steelers, signed a one-year deal last March worth $1.75 million. After growing up, going to college and starting his pro career in Western Pennsylvania, Conner was looking forward to the opportunity of living somewhere else.
During his season with the Cardinals, Conner consistently impressed coach Kliff Kingsbury with his receiving ability, which led to Kingsbury using Conner more in the Cardinals' passing offense.
Conner, 26, was a third-round selection by the Steelers out of the University of Pittsburgh in the 2017 draft. He captivated college football by overcoming a diagnosis of Stage 2 Hodgkin lymphoma and was declared cancer-free in 2016.
He has rushed for 3,054 yards and 37 touchdowns and has 161 receptions for 1,338 yards and 7 touchdown catches in five NFL seasons.
ESPN's Josh Weinfuss contributed to this report.