"I'm opting in. I'm not going anywhere," Price said. "I want to win here. We did that this year and I want to do it again."
Price's contract included an opt-out clause that would have allowed him to test free agency after the 2018 season.
In his third season with Boston, Price had his best season as a member of the Red Sox posting a 16-7 record and 3.58 ERA. The 33-year-old alsoin the last month and won two games, including the World Series-clinching Game 5, against the Dodgers.
Price has four years and $127 million remaining on the seven-year, $217 million contract he signed before the 2015 season. Price will earn $31 million for the 2019 season and $32 million annually for the three campaigns that follow.