The deal is worth $2.125 million, said Phillies Assistant General Manager Scott Proefrock.
Durbin, 32, joined the Phillies before the 2008 season. He went 7-6 with a 3.55 ERA, three saves and 125 strikeouts over 157.1 innings in 130 appearances during his Phillies career.
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Durbs is a versatile reliever that has served both as a set up guy and longer reliever while in red pinstripes. He gives manager Charlie Manuel some options if injured closer Brad Lidge remains on the mend well into the season.
The righty is a veteran of 10 Major League seasons and also pitched with Kansas City, Cleveland, Arizona and Detroit.
Three Phightin Phils remain arbitration eligible including pitcher Joe Blanton, centerfielder Shane Victorino and catcher Carlos Ruiz.