Mark Feinsand of MLB.com reported the news.
Twins fans gave Colon a standing ovation in his final start with the team last month as an apparent farewell.
"It was amazing," Colon told reporters. "For them to do that for me almost made me want to cry. It was a beautiful moment for me."
While far from his peak, Colon was much better in Minnesota than he was with the Braves. He posted a 5-6 record with a 5.18 ERA in Minnesota, compared to a 2-8 record and 8.14 ERA in Atlanta.