"He is the leader of our bullpen, and he is the guy other players look up to with his competitiveness, with the way he takes care of himself, and his competitiveness between the lines," said Rangers General Manager John Hart.
"All of those were factors for us when we made the decision to proceed forward."
Cordero has 30 saves in 32 opportunities this season. He is 2-0 with a 1.87 ERA and has struck out 48 hitters in 43 1/3 innings.
Notable deaths of 2014 [PHOTOS]