Relief pitchers Pedro Feliciano ($2.9 million) and Sean Green ($975,000) also agreed to one-year deals.
The only New York player remaining in arbitration is outfielder Angel Pagan. He asked for $1.8 million and the team offered $1,275,000 when figures were exchanged Tuesday.
Francoeur gets a raise of $1,625,000. The right fielder hit .311 with 10 homers, 41 RBIs and 20 doubles in 75 games with the Mets last season. He was acquired from Atlanta on July 10 for outfielder Ryan Church and batted .280 overall with 15 homers and 76 RBIs.
Francoeur had surgery on his left thumb in early November and is expected to be ready for spring training.
He is eligible for free agency after the 2011 season.
Feliciano, a top left-handed specialist, led the majors with 88 appearances last year, when he made $1,625,000. He was 6-4 with a 3.03 ERA.
Green went 1-4 with a 4.52 ERA and one save in his first season with the Mets. He set a career high with 79 appearances and earned $471,000.
Feliciano can make another $100,000 in performance bonuses: $25,000 for 60 games; $50,000 for 60 innings pitched; and $25,000 for 65 innings.
Green can earn an additional $12,500 each for 65 and 70 games.