Since leading Chicago to the championship, Podsednik has been slowed by injuries. He batted .243 with 12 steals and 30 runs in 62 games last season, when he spent 11 weeks on the disabled list with a pulled right adductor muscle and another three weeks with a strained left rib cage muscle.
He hit .261 and stole 40 bases in 2006, his fourth straight season with at least 40 steals.
In 2005, he batted .290 with 59 stolen bases, the second-highest total in franchise history, and hit two home runs during the playoffs, including a game-ending drive in Game 2 of the World Series against Houston.
Podsednik, who stole 70 bases with Milwaukee in 2004, will bid for a backup job to center fielder Willy Taveras with the NL champion Rockies. He will battle incumbent and fellow left-handed hitter Cory Sullivan.
If healthy, Podsednik, who turns 32 next month, could provide Colorado with another base-stealing threat next to Taveras following the free agent departure of second baseman Kaz Matsui to Houston.
The Rockies are concerned about what might happen to their lineup if Taveras has nagging leg muscle pulls like he did last season.
In five seasons and two September callups with Seattle (2001-02), Milwaukee (2003-04) and Chicago (2005-07), Podsednik owns a .272 career batting average with 224 stolen bases.
Colorado also agreed to a minor league deal with right-hander Victor Zambrano, who was 0-3 with a 10.17 ERA in 13 appearances for Toronto and Baltimore last season.