The 36-year-old was signed by Chicago as a free agent on Jan. 15. He went 3-6 with a 4.19 ERA in 12 starts for the Sox this season. He has been on the disabled list since July 28 (retroactive to July 25) with inflammation in his right elbow.
Colon, who is 5-foot-11 and 245 pounds, has gone 153-103 with a 4.10 ERA in 328 games over 13 major league seasons with Cleveland, Montreal, Chicago, the Los Angeles Angels of Anaheim and Boston.
With the roster move, the White Sox 40-man roster is now at 38.