According to MLBTradeRumors.com (citing mlb.com's Matthew Leach) the Reds have signed Jose Arredondo, most recently of the Angels. He was supposed to take over for K-Rod at closer last year for the Angels, but the Angels signed Brian Fuentes. He then had a disappointing season (following a break-out 2008) that culminated in injury and Tommy John surgery. Rumor has it the Angels let him go due to the injury and lost 2010, but also because of some issues with the Angels at the end of last season. He's got great upside, but won't pitch at all in 2010. Cordero is in year three of a four year deal, so the Reds will look for Arredondo to pitch in a set up role in '11, coming off the injury, and then compete for the closer role in '12.
So far, the Reds off-season moves have looked like a team preparing for the future.