Veteran pitcher Nathan Eovaldi is returning for a third season with the Texas Rangers.

Eovaldi, who played a key role in the Rangers' 2023 World Series victory, agreed to a three-year, $75 million contract to stay in Texas, according to FanSided's Robert Murray and ESPN's Jeff Passan.

The right-hander previously declined a $20 million vesting option that would have kept him with the Rangers through the 2025 season.

Eovaldi played the last two seasons on a two-year deal worth an average salary of $16 million, with a $2 million signing bonus and other extras including $4.5 million in innings pitched bonuses, per Spotrac.

He had reportedly received free agency interest from the New York Mets, Atlanta Braves and Baltimore Orioles before deciding to return to the Rangers.

Rangers president of baseball operations Chris Young said after Eovaldi declined the vesting option that the Rangers "still have great interest in bringing him back" for another season, leading to the team agreeing to a raise to keep him in Arlington.

Eovaldi made 29 starts in 2024, going 12-8 with a 3.80 ERA as the Rangers finished 78-84 and missed the postseason.

He was the pitcher of record in the Rangers' World Series-clinching Game 5 over the Arizona Diamondbacks, during which he allowed no earned runs in six innings to lead Texas to a 5-0 win.

Keeping Eovaldi in the rotation will help the Rangers brace for the potential free agency losses of Andrew Heaney, who led the team with 31 starts in 2024, as well as three-time Cy Young Award winner Max Scherzer.

Reliever David Robertson, who declined a mutual option to stay with the Rangers for 2025, and free agent closer Kirby Yates are also hitting free agency this winter.

Eovaldi will join a rotation also staffed by Jacob deGrom, Cody Bradford, Jon Gray and Tayler Mahle. The Rangers will hope to have both deGrom and Mahle for the start of the 2025 season after they were limited in 2024 amid recovery from elbow surgery.

The Rangers' hopes of making it back to the postseason hinge in part on further success from Eovaldi and deGrom, who is locked in through 2027 with a club option for 2028.

Eovaldi has thrown 314 2/3 innings to mark a 24-13 record and 3.72 ERA in 54 appearances over two seasons with the Rangers.

He holds a career ERA of 4.07 after appearing in 13 MLB campaigns with the Los Angeles Dodgers, Miami Marlins, New York Yankees, Tampa Bay Rays and Boston Red Sox. He also won a World Series title with the Red Sox in 2018.