The deal keeps Belisle in Denver through at least the 2013 season, with a mutual option for 2014. Financial terms were not disclosed.
Belisle notched a career-best 10 wins in 2011, leading all MLB relievers, compared with only four loses. He posted a 3.25 earned run average in 74 appearances.
The 31-year-old righty has a career mark of 36-32 with a 4.48 ERA in 306 games, 43 as a starter, over eight major league seasons with the Reds and Rockies.