Stanton's deal with is worth $6.5 million, according to the NFL Network.
The deal prevents Stanton from testing the free-agent market.
Stanton has played in 16 games (eight starts) during three seasons with the Cardinals. He had a 5-3 record as a starter in 2014 while starter Carson Palmer was sidelined with injuries.
Stanton, 31, is a nine-year veteran who also has been employed by the Detroit Lions (2007-11) and Indianapolis Colts (2012). He has thrown for 2,973 yards, 12 touchdowns and 16 interceptions in 28 career NFL games (12 starts).