All-Star closer Huston Street and the San Diego Padres have agreed to a $14 million, two-year contract through 2014.
The deal announced Sunday includes $7 million salaries for each of the next two seasons and a $7 million team option for 2015.
Street is making $7.5 million this year in the final guaranteed season of a $22 million, three-year contract he agreed to with Colorado in January 2010. He could have exercised a $9 million option for 2013, which San Diego in turn could have declined for a $500,000 buyout.
Street, who turns 29 Thursday, is 2-0 with a 0.91 ERA and has converted all 17 save opportunities in his first season with the Padres.