Before making the move, the Rockies reinstated Reyes from the restricted list where he had been since being suspended under the league's domestic violence policy.
The Rockies now have 10 days to either trade him, release him or have him accept a demotion to the minors.
Reyes did not participate in spring training and was suspended through May 31 after being charged with domestic violence for an altercation with his wife in Hawaii last October. Prosecutors dropped the charge ahead of a scheduled April 4 trial, saying Reyes' wife was not cooperating.
Last Oct. 31, Reyes was arrested at the Four Seasons Resort Maui at Wailea. According to a recording of a 911 call released by police, a hotel security guard reported the woman had injuries to her leg and scratches on her neck.
Reyes was released after posting $1,000 bail and was ordered to stay away from his wife for three days. He pleaded not guilty to abusing a family or household member.
"It's been tough," Reyes said earlier this month when he began a rehab assignment in the minor leagues. "For now, it's a lot better for me that I'm going to start doing what I love to do, which is playing baseball. I was missing this for a couple of months. Now I'm able to continue my career. The other stuff, try to put in the past and continue my career."
Reyes, the Rockies' highest-paid player, is due $22 million in each of the next two seasons.
Information from The Associated Press was used in this report.