Molina gets a $1.5 million salary for next season under Monday's agreement, and the Rays hold a $1.8 million option for 2013 with a $300,000 buyout.
The 36-year-old Molina hit a career-best .281 this year with three homers and 15 RBIs in 55 games. He is keeping up his tour of the AL East following stints with the New York Yankees (2007-09) and Toronto (2010-11). He has thrown of 62 of 170 runners attempting to steal in the last four seasons, at 36.5 the top percentage in the big leagues.
Information from ESPN.com's Jayson Stark and The Associated Press was used in this report.