St. Louis announced the contract on Thursday. Wainwright, 37, posted a 4.46 ERA and a 2-4 record in eight games this season for the Cardinals. The three-time All-Star entered Major League Baseball as the No. 29 overall pick by the Atlanta Braves in the 2000 MLB June Amateur Draft. He was traded to the Cardinals in 2003.
Wainwright has cashed in for $19.5 million annually since 2014. He won a World Series with the Cardinals in 2006.
The right-handed hurler spent a large portion of the 2018 season on the disabled list due to a right elbow injury. He has made just 68 starts in the last four seasons. His new deal follows the expiration of his five-year, $97.5 million pact with the franchise.
"We saw it in spring training, and again late in the season, that once he had overcome his ailments, he was prepared to give us a winning effort every time he took the mound. There is risk, but it is shared, and this deal gives us added depth as we look to 2019."