Financial terms were not disclosed, but the contract is worth $38 million, a source told ESPN’s Jesse Rogers.
Chatwood, 27, was 8-15 with a 4.69 ERA in 33 appearances (25 appearances) for the Colorado Rockies last season. His 15 losses tied him for the National League lead in that category.
He missed the 2015 season following Tommy John surgery and then returned in 2016 with his best season, also with the Rockies, when he finished 12-9 with a 3.87 ERA in 27 starts.
He is 40-46 with a 4.31 ERA in six major league seasons. He also has two saves in his career, including one last season.