The deal was first reported by Ken Rosenthal of FOX Sports.
Lucroy is hitting .242 with four home runs and 27 RBIs and also has a .297 on-base percentage.
Last season, Lucroy hit a career-high 24 home runs as a member of the Milwaukee Brewers and Texas Rangers. His contract earns him $5.25 million this season before he hits the free agent market at the end of the year.
He is expected to take over the starting catching duties from Tony Wolters.
The Rockies are 60–45 on the season before Sunday night's game against the Washington Nationals. Colorado is 13.5 games behind the Los Angeles Dodgers for first place in the National League West. The Rockies do hold one of the two National League wild card spots at the moment.