The Rockies also had until 10 p.m. MT to decide on catcher Miguel Olivo's 2011 option.
Francis led the Rockies to their only World Series appearance in 2007 when he won a then franchise record-tying 17 games.
He missed 2009 after shoulder surgery and didn't make his debut last season until May. The 29-year-old was 4-6 in 20 games.
Francis was the ninth overall pick by Colorado in the 2002 amateur draft. He was 55-50 with a 4.77 ERA in his career with the Rockies.