The Rangers formally announced Thursday that they have signed shortstop Elvis Andrus to an eight-year contract extension through 2022 with a vesting option for 2023. The extension is in addition to his current contract that runs through the 2014 season.

The deal is worth approximately $120 million.

"It's a great thing," Andrus said Tuesday as the contract was being finalized. "As a player, that's what you're hoping for when you get here, a chance to stay with a team you love. I wanted to stay with the team that gave me an opportunity and that's the Texas Rangers. Everybody knows I love this team. They were the first team to give me the opportunity to be in the big leagues."

Andrus, 24, is in his fifth Major League season and has played in the second-most games (604) of any Ranger since the start of 2009. He has played in 638 total games in the regular season and postseason since 2009, 10th most in the Major Leagues in that span. Andrus already has the second-highest hit total (623) of any shortstop in club history.

An All-Star in 2010 and 2012, Andrus is one of just 11 shortstops in Major League history with multiple appearances in the Midsummer Classic before turning 24 years old. He is one of only eight players in the modern era (since 1900) with four seasons of 145 or more games by the age of 23 or younger.

Andrus had the best offensive season of his career in 2012, batting .286 with 62 RBIs. He ranked second in the American League in triples (9), singles (137) and infield hits (38), all team bests. He was one of seven AL hitters with at least 60 RBIs, 80 runs scored and 20 stolen bases.