There is a "good chance" that free agent reliever Rafael Betancourt re-signs with the Colorado Rockies, according to an industry source close to the situation.

The source notes that Betancourt would prefer to go back to Colorado because of his "great" relationship with the team, but the sides are "trying to figure out the timing with his rehab" from Tommy John surgery before striking a deal.

Betancourt, who had Tommy John surgery at the end of August, is currently rehabbing his elbow and staying in shape as he attempts to make a comeback at some point during the 2014 season.

According to Troy Renck of the Denver Post, the Dodgers have had some interest in signing him, but his preference has always remained to return to the Rockies if he was able to pitch again.