The deal with the 29-year-old Heisey comes ahead of Friday's deadline for clubs and arbitration-eligible players to exchange salary figures.
Heading into Spring Training, Heisey is expected to be the Reds' fourth outfielder behind Ryan Ludwick, Billy Hamilton and Jay Bruce. He could loom large as center-field protection behind Hamilton in certain matchups.
Cincinnati now has five players who remain eligible for arbitration: Aroldis Chapman, Homer Bailey, Mike Leake, Sam LeCure and Alfredo Simon.
Mark Sheldon is a reporter for MLB.com. Read his blog, Mark My Word, and follow him on Twitter @m_sheldon. This story was not subject to the approval of Major League Baseball or its clubs.