The deal also includes a full no-trade clause.
Buxton, 28, has spent all seven years of his big-league career with the Twins. He set career highs in home runs (19), batting average (.306), on-base percentage (.358) and slugging percentage (.647) in 61 games this past season.
The centre fielder started the 2021 season at a torrid pace before hamstring issues and a hip strain landed him on the injured list. He then fractured his hand when he was hit by a pitch a few days after he was removed from the IL.