The contract will pay the prospect $24 million, but can increase to $49 million with incentives and options, according to Mark Feinsand of MLB.com.
Lowe has only recorded 148 plate appearances in the majors, and he started 0-for-19 last August after the Rays called him up. He's the No. 9 prospect in the team's system, according to MLB Pipeline.
The 2015 third-round pick spent time playing second base, left field, and right field while appearing in 43 games for Tampa in 2018.
MLB Pipeline noted that Lowe possesses pure hitting ability and quality on-base skills, while adding that he produced slightly above-average exit velocities during his first taste of the majors, as relayed by Feinsand.
The 24-year-old hit six home runs with a .233/.324/.450 slash line in 2018. However, he compiled a .949 OPS between two levels in the minors last season.