The Astros will receive left-handed pitcher Wes Musick and right-hander Jonnathan Aristil in exchange.
Musick, 23, spent the 2010 season at the Single-A level. Aristil, 24, appeared at all three of the Rockies' minor league levels in 2010.
Lindstrom, who turns 31 in February, led the Astros with a career-high 23 saves in 2010. In 41 appearances, the four-year veteran finished 2-5 with a 4.39 ERA in his first season in Houston after pitching for the Florida Marlins from 2007-09.
Lindstrom is arbitration-eligible this winter and expected to land a raise in the $3 million-4 million-per-year range, up from his $1.625 million salary in 2010.
The Astros were shopping Lindstrom and second baseman Jeff Keppinger at the winter meetings. And, as reported previously, the Astros' recent signing of free-agent Bill Hall practically ensures Keppinger will be dealt .