The Reds could be in the market for a new closer.

The club declined the $12 million option on Francisco Cordero Monday. The sides will continue to talk, but there's a chance Cordero will end up elsewhere.

"We didn't want to bring him back at that salary," Reds general manager Walt Jocketty said. "We're still hopeful that we can reach a new deal, but this also gives him an opportunity to check the market."