Jeff Passan of Yahoo Sports initially reported the news.
Davis spent four seasons (2013-2016) with the Kansas City Royals and won a World Series during that time, but he was shipped to the Cubs in December 2016.
In 2017, the 32-year-old made 59 appearances and recorded a career-high 32 saves as the Cubs snared their second straight National League Central crown.
In 58.2 innings, Davis logged 79 strikeouts, good for a mark of 12.1 strikeouts per nine innings, which ranked as the second-best of his career. And while Davis' ERA was 2.30—marking the first time since 2013, when he was a starter, that it was above 2.00—he was still lights-out.
Specifically, Davis didn't blow a save until Sept. 23 after he started the year 32-of-32.
"He's a stud," Cubs second baseman Ben Zobrist said Oct. 3, according to the Chicago Tribune's Paul Sullivan. "He's a guy who has been through it. He has the postseason experience, and everybody knows he has ice in his veins."
With Davis locked up, the Rockies will hope he can continue to operate as a shutdown savant in high-leverage situations and solidify the back end of a bullpen that already added Bryan Shaw this offseason.
Davis' arrival also increases the likelihood that 2017 closer Greg Holland will depart in free agency.
Stats courtesy of Baseball-Reference.com.