The deal is pending a physical scheduled for next week and includes a club option for 2008.
Cook, who will turn 27 next month, was sidelined for almost a year while he underwent two operations after tiny, life-threatening blood clots were discovered in his lungs during a game in 2004. He returned to the Rockies in July last season and went 7-2 with a 3.67 ERA.
The right-hander is 19-13 with a 4.80 ERA in 81 career major-league games.
This week, Cook received the Tony Conigliaro Award at a Boston baseball writers dinner. The award is given to "a major-league player who has overcome adversity through the attributes of spirit, determination and courage."
The award was presented to Cook by Conigliaro's brother, Richie.