The deal is reportedly worth $6.25 million, per Mark Feinsand of MLB.com.
Colomé, 32, saved 42 games for the White Sox over the past two seasons, posting a 2.27 ERA in 83 1/3 innings during that time. He's been one of the most reliable relief pitchers in baseball over the last five years. Since 2016, Colomé has a 163 ERA+, appearing in at least 57 games in each season prior to the pandemic-shortened 2020 campaign.
The Twins' bullpen ranked third in the majors last season in combined fWAR (3.5) and sixth in ERA (3.62), though the group featured several pitchers with expiring contracts. Matt Wisler and Trevor May have signed with the Giants and Mets, respectively, while veterans Tyler Clippard and Sergio Romo remain unsigned.
Last year's team leader in saves, Taylor Rogers, had a 4.05 ERA and nine saves in 21 games and is set to return in 2021.
Colomé ranks second among relief pitchers in SI's rankings of the top 50 free agents this offseason, trailing only Liam Hendriks, who signed with the White Sox on a three-year, $54 million deal. Of the 10 relief pitchers ranked among the top 50 overall free agents, five have signed with new teams. The highest-ranked relief pitcher still on the market is Shane Green, followed by Trevor Rosenthal, Jeremy Jeffress, Mark Melancon and Jake McGee.