Putnam, 25, is 19-12 with 26 saves and a 3.90 ERA in 171 career Minor League games, all but 15 as a reliever. He has given up 18 home runs, walked 94 and struck out 270 over 295 2/3 innings.
Originally selected by the Indians in the fifth round of the 2008 First-Year Player Draft, Putnam was traded to the Rockies in January for pitcher Kevin Slowey.
Putnam has pitched 9 1/3 innings over 10 Major League games, and has a 4.82 ERA. In 2012, he posted two scoreless appearances for the Rockies in two stints.
The right-hander spent the majority of 2012 with Triple-A Colorado Springs, and was 3-4 with 12 saves and a 4.15 ERA in 49 relief appearances. He converted 12 of his first 15 save opportunities and struck out 49 with 27 walks over 60 2/3 innings.
Carrie Muskat is a reporter for MLB.com. She writes a blog, Muskat Ramblings, and you can follow her on Twitter @CarrieMuskat. This story was not subject to the approval of Major League Baseball or its clubs.