The 27-year-old left-hander was 2-5 for the Phillies last season. He is 12-9 with a 4.02 ERA in a 160-game major league career.
The Philadelphia Inquirer said the agreement avoided salary arbitration for Bastardo.
Video of Victoria’s Secret models trying to 'twerk' hits Instagram
Britney Spears debuts 'Perfume' video