The 6-foot-8 Martin was 0-2 with one save and a 5.66 ERA in 24 appearances for New York this year. He made 16 appearances for Colorado in 2014 and has a career 6.19 ERA
In other moves Wednesday, the Yankees added right-hander Vicente Campos to the 40-man roster. They also reinstated righties Domingo German and Chase Whitley, lefty Jacob Lindgren and outfielder Mason Williams from the 60-day disabled list.
Reliever Andrew Bailey elected free agency instead of accepting an outright assignment. New York declined an option on the right-hander Tuesday.