The Cubs' first-round draft pick in 2006, Colvin batted .306 with seven home runs and 50 RBIs in 63 games for Class-A Daytona this season.
He tied a season-high four RBIs in Monday's 11-2 Daytona win over Palm Beach with Cubs General Manager Jim Hendry in attendance.
For much of the first half, Colvin was at or near the top of the Florida State League in many offensive categories. Entering play Tuesday, the Clemson alumnus placed second in the league in doubles (24), extra base hits (34) and RBIs. He was named to the Florida State League All-Star team.
Expected to join Daytona in Colvin's place is outfielder Yusuf Carter.
The 22-year-old Carter batted .258 with 10 home runs and 41 RBIs through 68 games this season for Class-A Peoria. He was the Cubs' 12th-round draft pick in 2005 and is the nephew of ex-big leaguer Joe Carter.
No other roster moves are known at this time.