The option for 2023 will guarantee Murray a salary of about $29 million.
Murray, who was taken first overall in 2019, was set to enter the final year of his rookie contract, making him eligible for an extension that his agent has publicly stated Murray wanted sooner rather than later.
At the NFL combine in March, Keim said the Cardinals would pick up Murray's option, a day after Murray's agent, Erik Burkhardt, posted a letter on Twitter that explained how a detailed contract proposal was sent to the team.
Murray, 24, won rookie of the year and is a two-time Pro Bowler. He led the Cardinals to improved win totals in each of his three seasons and guided Arizona to the playoffs last season for the first time since 2015.