The pact reportedly includes $7 million guaranteed.
Rowe joined Miami on a one-year deal for $3.5 million in March after spending the previous three campaigns with the New England Patriots, where Dolphins head coach Brian Flores was an assistant.
Rowe has been a solid addition for the Dolphins, racking up 59 tackles and seven pass breakups through 12 appearances. In Week 13, he helped limit prolific Philadelphia Eagles tight end Zach Ertz to 24 yards on three receptions.
The Dolphins, who have won three of their last five games after beginning the season 0-7, are poised to spend big in the offseason as they look to rebuild a roster that lacks cornerstone pieces. Miami projects to have over $100 million in salary-cap space, along with a trio of first-round draft picks.