Jason Giambi and the Colorado Rockies have exercised their mutual option on his $1 million contract for 2012.
The 40-year-old slugger hit .260 with 13 homers and 32 RBIs in 131 at-bats as Todd Helton's backup last season. He hit a home run once every 10 at-bats against right-handers.
Giambi contemplated becoming a free agent given that so many teams, including the Phillies and Rays, showed interest in him last season, but he likes his role with the Rockies, where he serves as a clubhouse leader and mentor for younger players, including All-Star shortstop Troy Tulowitzki.
Giambi has hit .253 with 16 doubles, 21 homers and 78 RBIs since joining the Rockies in August 2009.