SURPRISE, Ariz. - The Rangers on Saturday morning opted to release Bartolo Colon, rather than guarantee him a $1.75 million major league deal.

But Big Sexy isn't going anywhere.

For now.

The Rangers, who are thin on pitching depth, are still talking with Colon about a number of possible scenarios that would allow them to retain him. In the meantime, Colon worked out with the Rangers on Saturday. He was not available for comment.

"We're trying to make some arrangements that would provide us with some flexibility," Rangers general manager Jon Daniels said. "We will let you know when we work through them."

Among the scenarios the Rangers are considering:

-- Re-negotiate the deal, perhaps extending the minor league deal to buy another week of time. This would be the club's preference.

If Colon is willing to extend the minor league deal into the first four days of the season, he could be added for the fifth game of the year at Oakland. That would allow the Rangers to keep an extra player - either Drew Robinson or reliever Jose Leclerc - for the first four days of the season before adding Colon.

-- The other possibility would be to renegotiate the deal to a lower base with more incentives, which might make sense for the Rangers, whose pressing need for a starter may only last one turn of the rotation if Martin Perez is indeed ready to start on April 5 at Oakland.

Consider this: Two stars of Colon on a $1.75 million deal is the pro-rated equivalent of a 30-start season for a $26 million pitcher.

Also, to add Colon to a full 40-man roster at this point would mean having to designate a player for assignment and potentially losing him to waivers. The most likely candidates would be just-acquired infielders Eliezer Alvarez, Tommy Joseph or perhaps control-challenged, big-armed reliever Connor Sadzeck, who will be out of minor league options after the season.

-- Re-sign him to a minor league contract with an opt-out date, perhaps after a month into the season or if another club offers him a major league deal. It would give Colon, 44, a chance to keep pitching and put him in line to be the Rangers first addition if or when a current starter goes down.

Colon might also have other options, though. San Francisco has lost two starters - Jeff Samardzija and Madison Bumgarner - to significant injuries. Former Ranger Derek Holland, currently on a minor league deal with the Giants, could claim one of those spots, but the Giants could also be in the market for another veteran to hold down a spot for a month or two.

In the meantime, the Rangers have four definitive starters: Cole Hamels, Doug Fister, Matt Moore and Mike Minor. Martin Perez is expected to open the season on the DL, but could be activated for the season's eighth game at Oakland.

Hamels will start the opener and Game No. 6. Fister and Moore will likely start Games 2 and 3 in some order and Minor the fourth. The Rangers need a fifth starter to face Oakland on April 2. They could get by without a "sixth" starter if they opt to use the Game 2 starter on four days rest to start the seventh game of the season.