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Seattle, WA (Sports Network) - Raul Ibanez has come back to the Seattle Mariners for a third time.

The M's made it official on Wednesday, announcing the signing of the 40-year- old to a one-year contract. No financial terms were disclosed, but according to previous reports from the Seattle Times and MLB.com, it's worth $2.75 million with the potential for $1.25 million in incentives.

"We spoke of adding some veteran presence to our ball club this offseason," said Mariners general manager Jack Zduriencik. "In Raul we have a player and person with outstanding leadership skills who has participated in postseason play the last several years. We will give Raul the opportunity to come in and compete and add an additional veteran presence to this ball club."

The left-handed slugger spent the 2012 season with the New York Yankees and batted .240 in 130 games with 19 homers and 62 runs batted in. He hit a couple of big homers down the stretch to help the Yankees win the AL East and added three homers in the playoffs, including a ninth-inning game-tying shot and walkoff blast in the 12th of Game 3 of the ALDS against Baltimore.

"Raul is the ultimate professional both on and off the field," said Mariners manager Eric Wedge. "His veteran presence will be invaluable to our younger group of players."

Born in New York but raised in Miami, Ibanez broke into the majors with Seattle in 1996 and spent his first five seasons with the Mariners, then returned in 2004 for another five-year stint. He was the team's MVP in 2006 and again in 2008.

Ibanez has also played for Kansas City and Philadelphia during his 17-year career and is a lifetime .278 hitter with 271 homers and 1,116 RBI. He had his lone All-Star Game appearance in 2009 with the Phillies.