The 32-year-old will earn a base salary of $2.5 million in 2019, and the option - if exercised - could be worth up to $8 million based on his games finished totals, Ken Rosenthal of The Athletic reports. He can also earn another $3.25 million through performance bonuses this season, according to Rosenthal.
Phelps didn't pitch last season after undergoing Tommy John surgery to repair a torn ulnar collateral ligament suffered in spring training. While it's unlikely he'll be in the Blue Jays' bullpen on Opening Day, Phelps should be ready to return early in the 2019 season, according to Jeff Passan of ESPN.
When he was last healthy in 2017, Phelps turned in a solid season out of the bullpen. He posted a 3.40 ERA and 1.38 WHIP while averaging 10 strikeouts per nine innings over 54 appearances split between the Miami Marlins and Seattle Mariners.
For his career, Phelps owns a 3.89 ERA, 3.88 FIP, 1.32 WHIP, 520 strikeouts, and five saves across six seasons with the Marlins, Mariners, and New York Yankees.