In the event he breaks camp with the team, Reynolds will earn $1 million and will be eligible to earn an additional $1 million in incentives, according to Jon Heyman of Fancred Sports.
A veteran of 12 seasons, Reynolds played 86 games with the Washington Nationals last year, posting a .248/.328/.476 slash line with 13 home runs while primarily playing first and third base.
Reynolds previously spent 2016 and 2017 with the Rockies. The corner infielder hit 44 home runs over 266 games with Colorado.
Reynolds, 35, owns a career slash line of .238/.329/.456 and has spent time with the Arizona Diamondbacks, Baltimore Orioles, Cleveland Indians, New York Yankees, Milwaukee Brewers, and St. Louis Cardinals.
Earlier this winter, the Rockies signed Daniel Murphy, who is expected to be the Opening Day first baseman. The Rockies also have Ian Desmond and Ryan McMahon vying for playing time at first, and superstar Nolan Arenado manning the hot corner.
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