Embree went 2-5 with a 4.96 ERA in 70 games for the Oakland Athletics last season. Oakland had declined its $3 million option on him.
The 38-year-old played on nine major league teams including Oakland. He pitched in two World Series, with Cleveland in 1995 and Boston in 2004.
Also Saturday, the Rockies said infielder Jonathan Herrera signed a minor-league contract with the team, with a non-roster invitation to spring training with the Rockies.