The deal will become official when Betancourt undergoes a physical, which will occur when Colorado opens spring training.
Betancourt, who was already signed for $ 3.77 million for 2011, will earn $ 4 million in 2012 and could guarantee a salary of $ 4.25 million next season if both parties execute the option. Colorado will pay $250,000 in compensation if the option is not activated.
The 35-year right hander went 5-1 and 3.61 ERA in 72 appearances in 2010, with 89 strikeouts and only 8 walks in in 62 1/3 innings. In his eight-year MLB career, all as a middle reliever, Betancourt has averaged 9.5 strikeouts and 2.2 walks per nine innings.
Enrique Rojas is a reporter and columnist for ESPNdeportes.com and ESPN.com.