Peralta will reportedly make $1.5 million this coming season. The option is worth $3 million with a $25,000 buyout.
Peralta, 28, is coming off a poor season in which he went 5-4 with a 7.85 ERA in 19 appearances (eight starts) with the Milwaukee Brewers. He also spent time at Triple-A Colorado Springs in 2017, and went 1-0 with one save and a 3.38 ERA in 13 appearances with the Sky Sox.
The deal includes a team option worth $1.5 million for the 2020 season, the Indians announced.
Leonys Martin and the Detroit Tigers have agreed on a major league contract for the 2018 season, the team announced.
Terms of the contracts were not announced by the Tigers, but USA Today reported Martin will make $1.75 million and could pocket up to $1.1 million in incentives.
The St. Louis Cardinals signed right-hander Miles Mikolas to a two-year contract, the team announced.
Financial terms were not disclosed by the Cardinals, but multiple reports have Mikolas receiving between $14 million and $16 million in the contract.