Chamberlain returned Aug. 1 after being sidelined for 14 months by elbow and ankle injuries. The 27-year-old right-hander went 1-0 with a 4.35 ERA in 22 games, striking out 22 in 20 2-3 innings.
His deal, which is not guaranteed, gives Chamberlain a raise of $200,000 and contains performance bonuses for games finished.
Two Yankees remain in arbitration: right-hander David Robertson and left-hander Boone Logan.
New York's projected payroll is at about $200 million for 16 players, including $8.5 million the Yankees are paying Pittsburgh as part of last year's trade that sent A.J. Burnett to the Pirates.