The 26-year-old Alvarez will make $4.25 million in 2014. Alvarez is coming off an All-Star season in which he hit a career-high 36 home runs.
Walker will make $5.75 million. He hit .251 with 16 home runs and 53 RBIs in 2013 while missing 29 games due to injury.
Reliever Mark Melancon, who split time as a setup man and a closer last season, will make $2,595,000. Melancon went 3-2 with a 1.39 ERA and 16 saves in 72 appearances in 2013.
The Pirates also reached agreements with first baseman Gaby Sanchez ($2.3 million), outfielder Travis Snider ($1.2 million) and right-handed reliever Vin Mazzaro ($950,000).
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- Pittsburgh Pirates
- Mark Melancon