(Reuters) - The New York Yankees have agreed to a one-year contract with speedy outfielder Brett Gardner that avoids salary arbitration, the Major League Baseball team said on Friday.

Though no financial details were disclosed, the deal is estimated to be worth $2.85 million, according to local media.

Gardner, a World Series champion with the Yankees in 2009, was limited to just 16 games last season because of a right elbow strain, batting .323 with two doubles and three RBIs.

The 29-year-old, who led the American League with 49 stolen bases in 2011, is a career .266 hitter in the majors after playing in 475 games spread over five seasons.

(Reporting by Mark Lamport-Stokes in Los Angeles; Editing by Frank Pingue)