MLB.com said the deal contains a no-trade clause.
Hernandez potentially gives the Mariners baseball's top two starters with southpaw Cliff Lee, the former American League Cy Young Award winner, who was obtained from Philadelphia during this off-season.
Hernandez, 23, recorded a 19-5 record in 2009 in 34 starts (238 2/3 innings) with a 2.49 ERA, 71 walks and 217 strikeouts.
His career record is 58-41 in five seasons.
He was runner-up to Kansas City right-hander Zack Greinke in the voting for the 2009 AL Cy Young Award.
"Felix has turned into a true staff ace and we are thrilled we will be seeing him in a Mariners uniform for at least the next five years," Mariners General Manager Jack Zduriencik said at a news conference. "This is a great day."
Copyright 2010 by United Press International.
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