Looks like it's a done deal. From MLB.com:
DENVER -- The Rockies have reached a Minor League agreement with second baseman Kazuo Matsui, who will join Triple-A Colorado Springs provided he passes a physical on Tuesday, Major League sources said Monday.
The Rockies have yet to make an official announcement.
If Matsui passes his physical -- back injuries have bothered him for years -- he will go to the Sky Sox to stay sharp and provide infield insurance for the Rockies.