The move comes hours after Toronto signed free agent catcher Dioner Navarro to a two-year deal worth US$8 million.
Arencibia had a .194 batting average last season with 21 home runs and 55 RBIs. The 27-year-old struck out 148 times in 2013, 15th most in Major League Baseball.
Navarro hit .300 with a career-high 13 home runs in 89 games for the Chicago Cubs last season. He also had 34 runs batted in.
The Blue Jays also tendered contracts to centre-fielder Colby Rasmus, all-star left-handed pitcher Brett Cecil and right-handed pitcher Esmil Rogers.
All three are arbitration eligible players.
Rasmus hit .276 with 22 homers and 66 RBIs. He was also named the Blue Jays' Wilson Defensive Player of the Year in 2013.
Cecil had a 5-1 record in 60 appearances as a relief pitcher. He had a 2.82 earned-run average with 70 strikeouts and one save.
Rogers began the season in Toronto's bullpen, but then started 20 games as the Blue Jays' rotation was riddled with injuries. He earned a 5-9 record over 44 games, striking out 96 with a 4.77 ERA.