In addition, the Rockies have agreed to terms on a Minor League contract with catcher Matt Pagnozzi, who appeared in 21 games over the last two seasons with the Cardinals.
Daley, 28, went 0-1 with a 4.24 ERA in 28 Major League games in an injury-shortened 2010, after going 1-1 with the same ERA in 57 games as a rookie in 2009. The deal calls for him to be paid at a rate of $422,000 in the Majors and $236,292 in the Minors.
Daley posted a 0.68 ERA through his first 15 appearances, but had a 9.00 ERA in his final 13 games. He was demoted to Triple-A Colorado Springs in June. After returning to the Rockies, he suffered inflammation in his throwing shoulder and made just two big league appearances the rest of the year.
The left-handed Stults went 8-10 with a 4.84 ERA in 35 games, including 24 starts, for the Dodgers from 2006-09. The Dodgers sold Stults' rights to the Hiroshima Toyo Carp in Japan at the end of Spring Training 2010, and Stults went 6-10 with a 5.07 ERA in 21 games.
Stults, who turns 32 on Dec. 9, would be paid at a $435,000 rate if he makes the Majors, but the contract also allows him to re-sign with Hiroshima if he doesn't make the big league roster.
Pagnozzi, 28, nephew of former Major League catcher Tom Pagnozzi, has hit .333 with a home run and 10 RBIs in 42 career Major League at-bats and hit .242 with one home run and 21 RBIs with Triple-A Memphis in 2010. He is playing for Toros del Este in the Dominican Winter League.
Thomas Harding is a reporter for MLB.com. Read his blog, Hardball in the Rockies, and follow him on Twitter @harding_at_mlb. This story was not subject to the approval of Major League Baseball or its clubs.