The Souderton and Saint Joseph's University product was a major piece of consistency for the Phightin Phils World Championship team.
Moyer, 46, led the team with 16 wins in 2008. Overall he was 16-7 with a 3.71 ERA in 33 starts for the Phillies in 2008.
The deal will allow Moyer to add to his stats and help out the Phillies young pitchers.
The soft-tossing lefty currently ranks 47th all-time and third among active pitchers with 246 wins.
Moyer has also spread his professional approach to pitching to young guns on the Phillies staff including staff ace Cole Hamels.
"The Professional" will remain part of a rotation that includes Hamels, Brett Myers, Joe Blanton and possibly Chan Ho Park, Carlos Carrasco or Kyle Kendrick.