There are two ways to do it (or maybe more, but I can only give hints to two):
1) Use a WebGL effect, like "Grayscale", on the colored image and start to fade the intensity to 0 using a variable and dt
2) Use two sprites, one having the colored frame, in front of it the one with the grey frame. Apply the fade behavior to the sprite in front, so that its opacity gradually changes to invisible.