UPDATE: Reds, Volquez reach deal, avoid arbitration

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UPDATE: Mark Sheldon of MLB.com says this one is done.

Saturday, 5:37 PM: Enrique Rojas of ESPN Deportes reports that the Reds and Volquez are close to an agreement on a one-year, $1.6 million contract.

Saturday, 3:31 PM: Reds general manager Walt Jocketty told John Fay of the Cincinnati Enquirer earlier today that he expects to get a deal done with Edinson Volquez this weekend, most likely in the form of a one-year deal.

Volquez is arbitration-eligible for the first time this winter. He requested $2 million and was offered $1.3 million when arbitration figures were exchanged last Tuesday.

The Reds have made their arbitration-eligible players a priority this offseason, inking Joey Votto, Jay Bruce and Johnny Cueto to multi-year contracts and securing considerable cost certainty for the next few seasons. Just last week, it looked like the club was going to go a similar route with Volquez, but Jocketty told Fay today that the 27-year-old right-hander prefers a one-year deal.

It’s a calculated gamble on the part of Volquez, as he could command considerably more through the arbitration process if he bounces back with a solid 2011 campaign. That’s clearly the motivation here. He has been limited to just major league 21 starts over the past two seasons due to Tommy John surgery.