The new deal reworks his contract for 2010, signs him through 2012 and adds a club option for 2013. The right-hander will receive $2.425 million in 2010, $4.4 million in 2011 and $6.5 million in 2012. The Rangers' option for 2013 is worth $9.25 million with a $600,000 buyout.
"We're excited to commit to Scott as a core member of our club for years to come," general manager Jon Daniels said in a statement. "Our goal is to build a championship team around quality players and individuals who work hard to improve themselves, the team and our community. Scott fits with that perfectly."
Feldman, 27, went 17-8 last season, and he will be the Opening Day starter Monday against Toronto.