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10/31/11 1:50 PM EST

Rockies bring back Giambi, decline on Cook

Jason Giambi will return for his fourth season with the Rockies after the veteran first baseman and the club both exercised the mutual $1 million option on his contract for 2012 on Monday.

The Rockies also declined their side of a mutual option on the contract for Aaron Cook, making the 32-year-old right-hander a free agent.

Giambi, 40, hit .260 with six doubles, 13 home runs and 32 RBIs in 131 at-bats for Colorado last season.

In his three seasons with the Rockies, Giambi has hit .254 with 21 home runs and 78 RBIs, including three walk-off home runs and three pinch-hit home runs. Over his 17-year career, the California native has batted .281 with 428 home runs, 1,397 RBIs and 1,314 walks in 2,103 games.

He ranks 39th on Major League Baseball's all-time walks list, 42nd on the home run list and 71st in RBIs.

Cook has been with the Rockies his entire career, but is coming off a tough season in which he went 3-10 with a 6.03 ERA after opening the year on the 60-day disabled list with a broken finger.

The 6-foot-3 veteran had an $11 million mutual option for 2012 after completing a three-year, $30 million deal last season. He is now free to negotiate with any club, including the Rockies.

Cook is Colorado's all-time leader in wins (72), innings pitched (1,312 1/3) and starts (206) in a 10-year Major League career in which he's posted a 72-68 record with a 4.53 ERA. He was an All-Star in 2008, going 16-9 with a 3.96 ERA.

The Rockies now have 32 active players on their 40-man roster, in addition to five players on the 60-day disabled list.

Greg Johns is a reporter for MLB.com. Follow him on Twitter @GregJohnsMLB as well as his Mariners Musings blog. This story was not subject to the approval of Major League Baseball or its clubs.