He wanted it. His teammates wanted it. The fans wanted it.

Mike Lowell will return to the Boston Red Sox for another three seasons as the Red Sox made an official announcement last night.

The veteran third baseman, who was named the MVP of the 2007 World Series, became a free agent after the team’s championship run. He was seeking a four-year deal with Boston.

The Red Sox were adamant about negotiating only a three-year contract, and would not go beyond that.

Other clubs offered Lowell more money and a four-year contract, but in the end he decided to stay in Boston after the Red Sox gave him a take-it-or-leave-it option on Monday.

“The Red Sox are happy to have Mike back,” said Red Sox general manager Theo Epstein. “He has turned himself into a fundamental part of this organization. The process wasn’t always easy every step of the way, but in the end both sides are really happy it got done. It’s a credit to Mike’s character that he passed up more money to come back to Boston. We don’t take that for granted, and we appreciate it.”

Lowell will earn $37.5 million — $12 million a season — with a $1.5-million signing bonus up front to return to the hot corner, the place he recorded a career year for the Red Sox in 2007 with a .324 batting average, 21 homers and 120 RBI.

“It wasn’t tough in the sense that I know I wanted to play in Boston,” said Lowell. “Frankly, we wanted four years, so the tough part was getting four years from other teams or three years with the Red Sox. But I can’t say I’m upset with the situation. How can you be upset with the money I’m going to be making in the next three years, and with the team I believe can compete for a world title?”

Lowell said he has always expressed interest in staying in Boston with his family, teammates, management and fans, and that hasn’t changed.

“I’m actually happy, and I’m looking forward to working hard this offseason to get ready for spring training,” he said. “There were things that were considered, not everything about the whole process was easy, but I’m glad with the way things have ended.”

When asked if he came close to cutting ties with the Red Sox in order to get a more lucrative deal elsewhere, Lowell said: “There were things that were considered, definitely. The amount of money that was left on the table was something that I didn’t really struggle with, but I was thinking by getting a guaranteed fourth year was something I should give up.”

Lowell said he discussed the situation with his family and agents Sam and Seth Levinson, but the decision came down to staying where he was comfortable.

“Ultimately, my fit and my comfort level with my family and teammates in Boston outweigh those other options,” he said. “It was tough because there were very generous offers being made, and I was very appreciative of the team that contacted my agents and myself.”

The chants of “Sign Mike Lowell . . . Sign Mike Lowell . . . Sign Mike Lowell” were being shouted by the Red Sox fans attending Game Four of the World Series in Denver less than a month ago. That sentiment reverberated throughout the Red Sox’ clubhouse, too.

From captain Jason Varitek, David Ortiz, Manny Ramirez, Alex Cora, Josh Beckett and even rookies Dustin Pedroia and Jacoby Ellsbury, every player in that room wanted No. 25 back at third base.

“It’s very flattering,” said Lowell. “Especially after a World Series, it’s easy to have a honeymoon for a while because everything is going well . . . The fact that this is done and I’m coming back and everything stays the same is very flattering. I feel like the fans have embraced me and I’ve embraced the fan base in Boston since Day One.”

Epstein said the team will now turn its offseason attention to the bullpen and the bench players now that Lowell and Curt Schilling are both under contract.

“Signing Mike was a huge part of our offseason,” said Epstein. “We really made that a priority. Now that Mike’s on board, and Curt Schilling is back, we’re comfortable with our starting position players and our starting pitching.”

jmcdonal@projo.com