Pitcher can still become free agent after next season
Lowe, who won 38 games for the Red Sox the past two seasons, still can become a free agent after next season. He has been the team's No. 2 starter the past two years behind Pedro Martinez.
"Derek is an integral part of the Boston Red Sox," general manager Theo Epstein said in a statement. "He has been one of the winningest pitchers in all of baseball since returning to the rotation two seasons ago, and we're looking forward to his continued success and contribution in this coming season."
The Red Sox had until next Monday to exercise their option or pay Lowe a $500,000 buyout. There had been little doubt that they would pick up the option.
Lowe, 30, went 21-8 with a 2.58 ERA in 2002, his sixth season with Boston and first as a full-time starter. He followed that with a 17-7 record and 4.47 ERA this year.
In 2000, he tied for the AL lead with 42 saves. He came out of the bullpen in the fifth game of this year's AL division series against Oakland and struck out Terrence Long to end Boston's 4-3 win.
Lowe is 39-15 with a 3.40 ERA in 68 starts since joining the rotation on Sept. 22, 2001. His 38 wins the last two seasons are second in the majors to Roy Halladay's 41 for Toronto.
Copyright 2003 by The Associated Press