The Rockies’ chances of re-signing right-hander Kevin Millwood nosedived last month with the acquisition of Kevin Slowey, leaving little room in the budget for the veteran.

Before the trade for Slowey at the winter meetings, the Rockies made a push to bring back Millwood, a stabilizing force over the season’s final two months. But their offer of a guaranteed $1 million with incentives to roughly double the deal was rebuffed as Millwood eyed a contract in the $3 million range after his strong finish.

Slowey, 27, will make $2.75 million on a one-year deal and is penciled in as a back-of-the rotation starter. He went 0-8 last season with a 6.67 ERA for Minnesota, but he was 25-20 with a 4.36 ERA over the previous three seasons.

Millwood, 37, won four games for the Rockies after assuming Juan Nicasio’s rotation spot in early August. Despite being a flyball pitcher — a trait he shares with Slowey — Millwood posted a 3.98 ERA and provided leadership by example for the young pitchers.

The Rockies haven’t ruled out Millwood, who has attracted interest from Seattle. However, their financial picture has changed since landing Slowey and signing free-agent outfielder Michael Cuddyer to a three-year, $31.5 million contract. Colorado is looking to add veteran depth, but it looks like it won’t be Aaron Cook, the Rockies’ all-time winningest pitcher. Cook said Sunday he has agreed in principle to a minor-league deal with the Red Sox, pending a physical.

The Rockies are not currently pursuing free agent Jeff Francis, their former ace before shoulder surgery limited his effectiveness. Colorado’s rotation is fluid because of injury questions surrounding Nicasio and Jorge De La Rosa.

Nicasio has been facing hitters this month in the Dominican Republic with no issues, continuing his remarkable recovery from a broken neck. De La Rosa remains on track to return to the big leagues in late May or early June after elbow surgery.

That leaves the following rotation, in no particular order: Jhoulys Chacin, Jason Hammel, Drew Pomeranz and Slowey, with fifth-starter candidates Alex White, Tyler Chatwood and Esmil Rogers. It’s also possible that Chatwood or White could begin the season in the bullpen before taking a larger role.

“With inexperience comes inconsistency, and struggles. We know that going in,” general manager Dan O’Dowd said. “But we believe we have a talented group.”

Troy E. Renck: 303-954-1294 or trenck@denverpost.com

