Colvin will earn $2,275,000 this season. He made $481,000 last season.
Colvin hit .290 with 18 home runs and 72 RBIs last season. He played all three outfield positions and first base.
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.
Chacin asked for $2.6 million and was offered $1.7 million.
Fowler asked for $5,150,000 and was offered $4,250,000.
Herrera asked for $1 million and was offered $800,000.