Drew's deal is for two years with a mutual option for 2013, and Saunders agreed to a one-year contract. Drew will be eligible for free agency following the 2012 season; Saunders is eligible following 2011.
FOXSports.com reported that Drew's deal is worth $13.75 million.
Drew, who was the D-backs' first pick (15th overall) in the 2004 First-Year Player Draft, has been with the big league club since June 2006 and has a career batting average of .272 to go with a .780 OPS (on-base plus slugging).
Last season, in 151 games, Drew hit .278 while posting career highs in walks (62), stolen bases (10) and on-base percentage (.352). His 12 triples led the D-backs and was the second-most in the National League.
Saunders, meanwhile, was acquired by the D-backs from the Angels in a deal that sent ace Dan Haren to Los Angeles. The left-hander was 3-7 with a 4.25 ERA in 13 starts for Arizona.
Saunders struck out a career high 114 last year and also worked 203 1/3 innings, a career best.
The signings leave the D-backs with two players eligible for arbitration -- catcher Miguel Montero and second baseman Kelly Johnson. Salary figures will be submitted by each side on Tuesday, with arbitration hearings set for Feb. 1-21. The two sides can reach a settlement right up until the arbitration panel announces its decision.
Johnson proposed a 2011 salary of $6.5 million, while the D-backs countered with $4.7 million. Montero requested $3.4 million, while Arizona offered $2.8 million.