Ken Rosenthal reported a few hours ago that the Reds have reached a preliminary agreement (4yrs/$46m) with free agent closer Francisco Cordero:

The deal, which is pending a physical, is the largest four-year contract ever given to a closer. It includes a club option for a fifth year that can bring the total value of the package to $57 million. That's crazy money to pay a 32 year old power pitching closer, in my opinion. I think when your third best starter is Homer Bailey then there are better ways to spend $46,000,000...