The deal also includes a pair of club options, according to the source, and could keep Lowe, 24, in Tampa through his 32nd birthday. The Athletic was first to report the news.
Lowe still qualifies as a rookie after having just 129 at-bats in 43 games last season. He hit .233 with 6 home runs, 6 doubles and 25 RBIs.
Lowe made 24 starts at second base, 11 in center field and five in right during the season.