Executive vice president Dan Duquette just confirmed the agreement, which was first reported by CBSSports.com. It includes award incentives.
Wieters filed at $8.75 million and the Orioles countered at $6.5 million before reaching agreement tonight and avoiding a hearing.
Wieters can become a free agent following the 2015 season. The Orioles have attempted twice to negotiate an extension, but talks didn't progress.
I'm on WBAL Radio's "Hot Stove Baseball" show, but more to come.
Wieters, 27, made $5.5 million last season while batting .235/.287/.417 with 22 home runs and 79 RBIs in 148 games. He threw out 35 percent of potential base stealers (24 of 68).
In his five seasons with the Orioles, Wieters has batted .255/.319/.420 with 87 homers and 328 RBI in 657 games.
"We just agreed to a deal with Matt, a one-year deal," Duquette said on WBAL Radio. "That was the last player we had on the docket for the arbitration process. We were happy to get it resolved and get Matt signed up and get him organized to have a good year."