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Hellickson made $3.63 million while producing a 4.62 ERA over 27 starts with the D-backs last year. The veteran starter will be eligible for free agency at the conclusion of the 2016 season.
The Phillies acquired Hellickson from the D-backs in exchange for Minor League pitcher Sam McWilliams on Nov. 14.
Hellickson has produced a 3.97 ERA over the 131 starts he has made since becoming a fixture in the Rays' rotation during the 2011 season. But he has struggled since showing great promise during the early portion of his career.
When Hellicksoon posted a 3.02 ERA over the 60 starts completed from 2011-12, he was considered one of baseball's top young starters. But he has produced a 4.71 ERA over the 71 starts he has made since the start of 2013.
The Phillies reached agreements earlier this week with their only other two arbitration-eligible players -- Freddy Galvis and Jeanmar Gomez.
Mark Bowman is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.