The Braves announced Colon was designated for assignment and Rex Brothers was called up from Triple-A to take his spot on the 25-man roster.
The move comes one day after Colon returned from the disabled list and started against the San Diego Padres. He lasted just four innings in his first game since June 5, giving up six runs on eight hits and three walks.
The 44-year-old Colon has struggled all season for the Braves with an 8.14 ERA and 1.78 WHIP in 63 innings.
The Braves signed Colon to a one-year deal in the offseason. He spent the previous three seasons with the New York Mets and has played 20 MLB seasons with nine different teams.