Per Katie Woo of The Athletic, the 39-year-old agreed to a one-year, $10 million contract extension Tuesday.
There had been speculation during the season that Molina and the Cardinals were working toward a new deal. Derrick Goold of the St. Louis Post-Dispatch reported on Aug. 19 that both sides were "encouraged" by their recent discussions.
Woo and Ken Rosenthal of The Athletic noted Molina was seeking a one-year deal worth more than the $9 million he received in 2021.
Amid prolonged negotiations last offseason, Molina said he would be willing to retire.
"If God wants me to come back, then I'll come back," he told the La Vida Baseball podcast in January 2021 (h/t Corey Miller of KDSK.com). "And if not I will retire happy with my head held high."
The Cardinals ultimately gave Molina a deal in early February, just before the start of spring training. He was named to the National League All-Star team in 2021, posting a .259/.304/.376 slash line in 94 games.
It seemed unlikely that Molina would ever play for another organization if he decided to test free agency in the offseason. He has been with the Cardinals since being selected in the fourth round of the 2000 Major League Baseball draft.
Molina is arguably the greatest catcher of this generation and undoubtedly a St. Louis legend. The Puerto Rico native is a 10-time All-Star and nine-time Gold Glove winner, helping the Cardinals win two World Series titles in 2006 and 2011.