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DENVER—Reliever Huston Street and the Colorado Rockies avoided arbitration by agreeing Monday to a $4.5 million, one-year contract.

The agreement was likely to be announced by the team by Tuesday.

The Rockies dealt All-Star outfielder Matt Holliday to Oakland in November for Street; lefty starter Greg Smith; and promising outfielder Carlos Gonzalez.

Street, a right-hander, was demoted from his job as Oakland’s closer last season and finished 7-5 with a 3.73 ERA and 18 saves in 25 chances. Street can become a free agent after the 2010 season.

The Rockies fell to 74-88 last season, just a year after winning the NL pennant.

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