Diaz is projected as one of Atlanta's starting corner outfielders in 2010 after batting .313 and posting career highs with 13 homers, 58 RBIs and 12 stolen bases in 125 games last season. Overall, the 31-year-old Diaz has hit .310 with 36 homers and 161 RBIs in 475 career games over seven seasons with the Braves, Royals and Rays.
The $2.55 million contract represents a raise of more than $1 million over the $1.237 million he earned in 2009.
With Diaz now under contract, the Braves' only remaining arbitration-eligible players are left-hander Boone Logan and right-hander Peter Moylan, who were both tendered deals prior to Saturday's 11:59 p.m. ET deadline. Second baseman Kelly Johnson was non-tendered on Saturday afternoon.
Ed Eagle is a reporter and producer for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.