Torrealba will receive a $500,000 signing bonus, a $2.75 million salary for 2008, and a $3.5 million salary for 2009. There is a $500,000 buyout on a mutual option for 2010 -- which would pay him $4 million if both sides exercise it.
Rockies general manager Dan O'Dowd also acknowledged Thursday that he is in talks with left-handed pitcher Mark Redman, who joined the Rockies late in the regular season and earned a win in the playoffs, and he is "kicking the tires" of veteran right-hander Steve Trachsel.
Redman, 33, finished the season 2-4 with a 7.62 ERA in 2007 for the Braves and the Rockies, but was 2-0 with a 2.30 ERA in five games -- including three starts -- after joining the Rockies in September. He pitched in the Minors for the Braves, Rangers, Blue Jays and Rockies during the year.
The Rockies looked into obtaining Trachsel, 37, from the Orioles at the non-waiver trading deadline, but decided instead to go with Redman and younger pitchers down the stretch. Trachsel was traded to the Cubs. He went 1-3 with an 8.31 ERA in four starts after the trade, and was 7-11 with a 4.90 ERA overall in 2007.
Also, the Rockies will not offer arbitration to any of their free agents. Teams sometimes offer arbitration to free agents that are ranked highly enough to bring the team Draft pick compensation should they sign elsewhere. But the risk is the player could accept the offer and receive an inflated salary.
Thomas Harding is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.