The deal also includes a mutual option for 2009, worth $3 million, according to the Post.
Towers, who turns 31 on Feb. 26, went 5-10 with a 5.38 ERA in 25 games with the Toronto Blue Jays in 2007, making 15 starts and 10 relief appearances.
If Towers makes the 25-man roster, he will make a pro-rated $1.8 million. He can also earn up to $1.35 in performance incentives, according to the Post.
Towers would compete for a spot in the rotation, or work out of the bullpen, should he make the 25-man roster.
The Rockies like Towers because of his strike out to walk ratio – he fanned 77 and walked only 26 in 2007. They also like his ability to keep the ball on the ground which would play to the Rockies defensive strength – he had a 1.31 groundball to flyball ratio last season.
Over his career, Towers has compiled a 45-55 record in 137 appearances (112 starts), with a 4.96 ERA.
The deal has not been confirmed by the Colorado Rockies.
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