Axford had previously agreed to a minor league deal with the Rockies. His new deal is for one year and is worth $2.6 million, with the opportunity for performance bonuses, according to the AP.
The 31-year-old signed with the Cleveland Indians as a free agent and had 10 saves last season before being placed on waivers in August and claimed by the Pittsburgh Pirates. Overall in 2014, Axford had a 3.95 ERA with 63 strikeouts and 36 walks in 54.2 innings.
In 2011, Axford led the National League with 46 saves as a member of the Milwaukee Brewers, to go along with a career-best 1.95 ERA.
To make room for Axford on the roster, the Rockies placed right-hander Tyler Chatwood, who had Tommy John surgery last July, on the 60-day disabled list.
- Phil Watson