Colorado Rockies Keep Jason Giambi, Decline Aaron Cook's Option

The Denver Post is reporting the Colorado Rockies expect to announce they will bring Jason Giambi back on his 1-year option worth about $1M in 2012. The veteran slugger hit an impressive 13 homers in a career-low 152 plate appearances.

Multiple teams had significant interest in Jason Giambi near the trade deadline, including the Philadelphia Phillies and the Tampa Bay Rays. However, the Rockies, who recently intimated they wanted to exercise their half of Giambi's mutual option, but as recently as two days ago, it sounded as though Giambi was undecided.

If Giambi indeed does agrees to the option, he will almost certainly be accepting less pay than he would get on the free agent market.

Meanwhile, the Post also reports the Rockies are decided against exercising starting pitcher Aaron Cook's $11M option for the 2012 season. Cook, who spent time on the 60-day DL with a broken finger, pitched only 97 innings in 2011, and even then was not particularly effective, sporting a 6.03 ERA and 4.54 FIP.

While they are expected to decline Cook's option, the Rockies may still look to re-sign him to a much smaller and incentive-laden contract this off-season.