Morneau had a $9 million option, but because the Rockies declined the payment, he will be paid a $750,000 buyout.
Morneau has been with the Rockies for each of the past two seasons after signing a two-year, $12.5 million contract with the club during the 2013-2014 offseason.
The 34-year-old hit .310/.363/.458 with three home runs and 15 RBIs over 182 plate appearances this season. He missed most of this season due to a concussion and a neck injury. The 2014 batting champion has been injury prone throughout his career and has not played 150+ games since 2013.
Morneau will become a free agent and could find himself looking for a one-year deal to perhaps rebuild his value. The Marlins, Mariners, and Rays were at the bottom in the Majors in fWAR from first basemen last season, so each of those teams could make some sense for Morneau as a free agent.