Reds interested in extending Francisco Cordero’s contract

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Francisco Cordero’s contract has a $12 million team option or $1 million buyout for next season and general manager Walt Jocketty admitted yesterday that the Reds “are trying to determine” what their best course of action will be.

Cordero has said he’d be open to renegotiating the deal and Jocketty told John Fay of the Cincinnati Enquirer that the Reds “have discussed it quite a bit” and an extension is a “possibility.”

Jocketty added that “hopefully we’ll address it before the end of the season,” so if a Cordero extension is going to happen it may take place very soon.

Aroldis Chapman would the obvious choice to replace Cordero as closer, but the Reds have indicated that they want to give him an opportunity to be a starter in 2012. Cordero has been very effective this season, converting 32 of 37 save chances with a 2.30 ERA in 63 innings, but at age 36 his strikeout rate has plummeted to a career-low 5.7 per nine innings and the idea of guaranteeing him big money for multiple seasons might be even less appealing than simply paying him $12 million in 2012.