Peralta will reportedly make $1.5 million this coming season. The option is worth $3 million with a $25,000 buyout.
Peralta, 28, is coming off a poor season in which he went 5-4 with a 7.85 ERA in 19 appearances (eight starts) with the Milwaukee Brewers. He also spent time at Triple-A Colorado Springs in 2017, and went 1-0 with one save and a 3.38 ERA in 13 appearances with the Sky Sox.
Peralta's best season came in 2014 when he went 17-11 with a 3.53 ERA in 32 starts for the Brewers. He is 17-25 with a 5.39 ERA over the past three campaigns. Overall, Peralta is 47-52 with a 4.48 ERA over parts of six big-league seasons.
--The Cleveland Indians avoided arbitration with Dan Otero, signing the right-handed reliever to a two-year, $2.5 million contract.
The deal includes a team option worth $1.5 million for the 2020 season, the Indians announced.
Otero posted an 8-1 mark with a 2.14 ERA in 114 relief appearances for the Indians the past two seasons, including a 3-0 record in 2017. The 32-year-old owns a 20-7 mark with a 2.91 ERA in six major league seasons with the San Francisco Giants, Oakland Athletics and Indians.
--Leonys Martin and the Detroit Tigers have agreed on a major league contract for the 2018 season, the team announced.
Terms of the contracts were not announced by the Tigers, but USA Today reported Martin will make $1.75 million and could pocket up to $1.1 million in incentives.
In addition to signing the outfielder, Detroit also came to terms with right-handed pitcher Enrique Burgos, catcher Derek Norris, first baseman Edwin Espinal and outfielder Jim Adduci on minor league deals. Burgos, Norris, Espinal and Adduci each received spring training invites.
--The St. Louis Cardinals signed right-hander Miles Mikolas to a two-year contract, the team announced.
Financial terms were not disclosed by the Cardinals, but multiple reports have Mikolas receiving between $14 million and $16 million in the contract.
Mikolas, who last pitched in the majors for the Texas Rangers in 2014, has flourished with the Yomiuri Giants of the Japan Central League during the past three seasons. The 29-year-old owns a 31-13 mark with a 2.18 ERA in 62 starts during that time, including 14-8 with a 2.25 ERA in 27 starts last season.
Mikolas sports a 4-6 record with a 5.32 ERA in three major league seasons with the San Diego Padres and Rangers.