The deal contains club options for 2013 and 2014 that if exercised would raise its value to $22 million.
The 25-year-old went 12-12 with a 3.99 ERA last year, his first full season in the majors. He led the Rockies with 172 strikeouts, the most in a season for a Colorado pitcher since Pedro Astacio's 193 in 2000.
Jimenez was a midseason call-up in 2007. He made three postseason starts, going 0-1 with a 2.25 ERA. In his only World Series start, he allowed two earned runs in 4 2/3 innings as the Red Sox defeated Colorado in Game 2.