ARLINGTON (AP/CBSDFW.COM) - AL championship series MVP Nelson Cruz has agreed to a $16 million, two-year contract with the Texas Rangers.

The deal includes $500,000 in performance bonuses over the two years. With the agreement, negotiated by agents Sam and Seth Levinson, Cruz avoids an arbitration hearing that had been scheduled for next week.

A 31-year-old slugging outfielder, Cruz had asked for $7.5 million in arbitration and the team had offered $5.5 million. He made $3.65 million last year.

Cruz, who was listed on the Rangers disabled list twice in 2011, had a .509 batting average (11th in the AL) and slugged 29 H.R.'s - an average of one home run per 16.3 at-bats. He was also named MVP of the ALCS vs Detroit with a record 6 home runs and 13 RBI's.

The deal came one day after Elvis Andrus and the Rangers completed a $14.4 million, three-year contract that avoided a hearing.

(Copyright 2012 by The Associated Press. CBSDFW.com contributed to this report. All Rights Reserved.)