The deal, which buys out the outfielder's second and third years of arbitration, will pay the Super-Two player $11.6 million, per Jon Heyman of CBS Sports.
The 26-year-old switch hitter filed for arbitration at $5.15 million, and the Rockies countered with $4.25 million, so his deal -- which pays him $4.25 million this season and $7.35 million in the next -- looks good for the Rockies this year and for Fowler in 2014.
The 2012 season was Fowler's fifth season with Colorado, and the outfielder put up career-best numbers across the board, hitting .300/.389/.474 with 13 home runs in 143 games.
As with most players who call Coors Field home, Fowler's big offensive numbers skew very heavily towards his home field. The outfielder has an OPS split of just about 200 points between home and away for his career.
Fowler was tied to a series of trade rumors early on in the offseason -- even discussing a deal with the Reds at one point -- but the Rockies do not seem intent on sending their young outfielder away.
The Rockies have now avoided hearings with all six of their arbitration-eligible players.