A two-time 20-game winner, Colon could earn an additional $2 million based on innings.
He pitched for the White Sox in 2003, going 15-13 with a 3.87 ERA and 173 strikeouts while setting career-highs for innings (242) and complete games (nine).
The 35-year-old right-hander was limited to just seven starts with Boston last season because of back stiffness that landed him on the disabled list for three months. He wound up going 4-2 with a 3.92 ERA in his lone season with the Red Sox.
Colon is 150-97 with a 4.09 ERA and 1,569 strikeouts over 12 seasons with Cleveland (1997-2002), Montreal (2002), the White Sox (2003), Angels (2004-07) and Boston (2008). He won the 2005 AL Cy Young Award after going 21-8 with a 3.48 ERA for the Angels.
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