"We're still talking and still negotiating," said Weathers' agent, Dan Horwits, late Monday night.
Under the rules, Weathers could still decline arbitration and return to the Reds. Horwits did not indicate which way his client was leaning.
"We haven't discussed it," Horwits said. "We will this week. We're still talking to other teams."
If Weathers accepted arbitration, he would be returned to the Reds' 40-man roster and both sides would be bound to a one-year contract.
While making $2.75 million last season, the 39-year-old Weathers was 4-6 with a 3.25 ERA in 72 appearances.
As expected, the Reds did not offer arbitration to their other seven free agents besides Weathers.
None of the players -- Jerry Hairston Jr., Mike Lincoln, Javy Valentin, Paul Bako, Josh Fogg, Corey Patterson or Kent Mercker -- was rated for compensation as a Type A or B free agent.
It did not make financial sense to offer arbitration to players that wouldn't bring Draft-pick compensation in return. If the player were offered arbitration and accepted, the two sides would be bound to a one-year contract.
Under the rules, players not offered arbitration are still eligible to re-sign with their old teams.
Of their remaining free agents, the Reds are still talking to Hairston, an infielder/outfielder, and Lincoln, a right-handed reliever.
Mark Sheldon is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.