The Reds would like to sign the right-hander to a long-term extension before he hits the open market next winter, as MLB.com's Mark Sheldon writes, but general manager Walt Jocketty acknowledged that Bailey's asking price will make that difficult.
In other news from around the league on Monday:
MLB.com Yankees beat writer Bryan Hoch tackles several fan questions in his latest Inbox, including the club's options at third base and closer.
Brewers general manager Doug Melvin explained why his team is having one of the more quiet offseasons in the Majors.
MLB.com's Anthony DiComo takes a look at the Mets' biggest areas of need with Spring Training approaching quickly.
The Orioles have interest in free-agent righty Bronson Arroyo, according to ESPN's Buster Olney.
Olney also reports that free-agent lefty Chris Capuano is willing to be patient as he looks for a two-year contract.
The Mariners are considering making more additions this offseason, reports Ken Rosenthal of FOX Sports and MLB Network. But the front office will need to persuade ownership in order to snag the likes of Price, Masahiro Tanaka or Nelson Cruz.
The Indians added depth to their roster, signing veterans Scott Atchison and Jeff Francoeur to Minor League deals that will allow them to compete for spots in the bullpen and on the bench, respectively.