Toronto signed the star outfielder to a six-year, $150-million contract, the team announced Saturday.
The guaranteed money is the most in club history. The previous high for a free agent was a five-year, $82-million contract given to Russell Martin in 2014, while Vernon Wells' seven-year, $126-million extension in 2006 represented the largest value for any player.
Toronto reportedly outbid the New York Mets by $30 million for Springer.
The 31-year-old slashed .270/.361/.491 with 174 home runs and 458 RBIs over seven seasons with the Houston Astros. The three-time All-Star was also named the 2017 World Series MVP.
Only 13 major leaguers have accrued a higher regular-season fWAR than Springer since 2016.