Murray signed a four-year deal worth about $35 million, which includes a signing bonus worth about $23.5 million. The Cardinals inked the quarterback to the contract a day before he will take the field for rookie minicamp.
Murray's contract comes with a fifth-year team option for the 2023 campaign. His rookie contract figures were locked in by the collective bargaining agreement, which was signed in 2011.
"Everything I dreamed of," Murray said. "For me, being in Arizona and being a Cardinal, I can honestly say there is no place I'd rather be. It brings a smile to my face knowing I'll get the opportunity of a lifetime to quarterback this team. I just have to work toward that and earn that.
"This is just the beginning. I plan to work as hard as I can, lead this team to a lot of wins and, hopefully, a lot of rings."
Murray, who elected to play in the NFL instead of the MLB with the Oakland Athletics, was the No. 1 overall pick in the 2019 NFL Draft in April. He won the Heisman Trophy while playing at Oklahoma last season.
Murray will participate in the Cardinals' rookie minicamp Friday, Saturday and Sunday. Arizona's voluntary OTAs begin May 20.
The Cardinals also signed second-round cornerback Byron Murphy, third-round defensive end Zach Allen, sixth-round wide receiver KeeSean Johnson, seventh-round offensive lineman Joshua Miles and seventh-round tight end Caleb Wilson to their standard four-year deals.