No details as of yet, but Hal McCoy is reporting it:

Brandon Phillips and the Cincinnati Reds have agreed in principle to a long-term deal, a source close to the negotiations told The Dayton Daily News Thursday night.

Terms and length of the deal were not available, but the long-term deal is done and an arbitration hearing between the Reds and Phillips has been canceled.

Phillips was asking for a one-year contract worth $4.5 million and the Reds were offering a one-year $2.7 million deal, but the long-term deal wipes that all out.

Tough to give much of an opinion without knowing more, but I think it's ultimately a pretty smart move, assuming they didn't break the bank. Phillips is probably a little overrated by most Reds fans, but he's definitely still the kind of guy you keep around as a building block.