According to Ken Rosenthal, the deal is close to being done.

"12:01 p.m. — Reds close to signing Rhodes

The Reds have reached a preliminary agreement with free-agent left-hander Arthur Rhodes to a two-year, $4 million contract. The deal is pending a physical, which the 39-year-old Rhodes will take Friday.

Rhodes appeared in 61 games last season — 36 for the Mariners, 25 for the Marlins — and had a combined record of 4-1 with a 2.04 ERA."

I personally only think a one year deal was the right thing here, but he's our LOOGY, it looks like. Thoughts on the money?

UPDATE from Slyde: Too many years and too much money for a guy that only pitched 35 innings last year.  Also, the Reds took David Patton in the Rule 5 Draft today...

UPDATE from BK: ...and traded him to the Cubs for cash. (Teh Fay)