Colvin hit .290 with 18 home runs and 72 RBIs last season. He played all three outfield positions and first base.
The 27-year-old Colvin was obtained by the Rockies on Dec. 8, 2011, in a trade that sent Ian Stewart and Casey Weathers to the Chicago Cubs.
On Wednesday, the Rockies agreed to one-year contracts with righty Wilton Lopez and lefty Josh Outman. Lopez was picked up by Colorado last month in a deal that sent pitchers Alex White and Alex Gillingham to Houston.
Outman appeared in 27 games last season for the Rockies, going 1-3 with an 8.19 ERA.