Mark Feinsand of the MLB Network reported the update and noted the deal includes an "awards package."
Springer, the 2017 World Series MVP, is coming off the most complete offensive season of his six-year career with the Astros. He posted a .292/.383/.591 triple-slash line with 39 home runs in 122 appearances, which equates to a 52-homer pace across a 162-game season.
The 30-year-old Connecticut native ranked eighth among all qualified hitters with a .974 OPS and 10th among position players in WAR (6.5), per FanGraphs.
"I love it here. This is a good spot for me, and we'll have to see what the future brings," Springer told reporters in March about Houston. "At some point, I would speak to my agent, and we'd go from there."
The new one-year deal covers his final arbitration-eligible season. He'll become an unrestricted free agent next offseason if the sides can't come to terms on an extension.
Houston is in a period of transition after general manager Jeff Luhnow and manager AJ Hinch were fired after MLB announced one-year suspensions for both related to the team's sign-stealing scandal from the 2017 season, which ended with the Astros winning the World Series.
They still feature one of the league's most talented rosters heading into 2020. Springer is joined by Alex Bregman, Jose Altuve and Michael Brantley in a lineup supplemented by a rotation headlined by Justin Verlander and Zack Greinke.
Springer, Brantley, Josh Reddick, Yulieski Gurriel and Brad Peacock are all potential free agents after the season, however, which adds some extra pressure to the club's 2020 title pursuit.