Reyes will be on release waivers for 48 hours, and unless he is claimed by a team, he will become an unrestricted free agent on Saturday.
The chances that Reyes will be claimed on waivers are practically zero, as if a team decided to claim him, then they would be forced to pay the rest of his current contract.
Reyes is still owed an approximate $38 million on his contract. He is owed over $11 million through the rest of the season, followed by a $22 million salary in 2017 and a $4 million buyout for a 2018 team option.
The Rockies designated Reyes for assignment on June 15, the day he returned from a 52 game suspension for a domestic violence offense that occurred last offseason.
The 33-year-old Reyes has already been on a decline performance-wise during the past few years.
In 2015, Reyes hit for just a .274/.310/.378 clip with seven home runs, 53 RBI, and 24 stolen bases in 519 plate appearances for the Toronto Blue Jays and the Rockies. He was worth 0.5 fWAR.
When he was younger, Reyes was a perennial All-Star with the New York Mets, with his best season coming in 2011. Reyes led the league in batting average with a .337/.384/.493 line in 586 plate appearances, adding 39 stolen bases.
The Mets may be interested in a reunion with Reyes, as their offense has faltered over the past few weeks. The team has the seventh-worst on-base percentage in the Majors, as well an OPS that ranks in the bottom third.
They must weigh a PR decision, however, as Reyes does come with the domestic violence incident attached to his name.
When Reyes signs with another team, whomever that may be, it will likely be for the league minimum (if it is a Major League deal). He will still be paid his large salary by the Rockies.