He did not receive a no-trade clause.
With the signing, the Padres kept the two veteran players potentially eligible for free agency, having previously signed Carlos Quentin for $27 million over three years, a deal first reported by CBSSports.com.
The Street signing further weakens a thin relief market. The Giants and White sox were among teams showing interest in Street.
A couple of the better relievers still available include Jonathan Broxton and Brandon League
The Padres made it their goal to keep the two key pieces they acquired in trade last winter Street has been superb in San Diego, going 2-0 with 17 saves and a 0.91 ERA after starting the season on the disabled list.
The Padres first tried to re-sign Street to a deal for one year and an option. While he got a two-year deal in the end, the Padres have the ability to trade him. Street, 28, had held a $9 million option for 2013 with the Padres having a $500,000 buyout before the new two-year deal was agreed to. The new agreement was first reported by @FollowthePadres.