Francisco Cordero has a one-year offer on the table to return to the Reds

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It seems like everybody has already decided that Ryan Madson is the big loser in the game of musical chairs among free agent closers, but don’t forget that Francisco Cordero is also out there looking for a job.

The Reds acquired left-hander Sean Marshall from the Cubs last week, giving them a potential cost-effective alternative for the closer role, so Cordero is hurting for leverage at the moment. Reds general manager Walt Jocketty told John Fay of the Cincinnati Enquirer yesterday that the veteran right-hander currently has a one-year offer on the table to return.

“We’ve made an offer,” he said. “He’s deciding what to do. He’s got a couple of other offers.”

No word on the details of the Reds’ offer, but Fay guesses that it’s likely for $7 million or less.

Cordero, who turns 37 in May, earned $12.125 million this past season while posting a 2.45 ERA and 37 saves over 68 appearances. While he averaged a career-low 5.43 K/9 and showed decreased velocity, he also averaged 2.84 BB/9 — his best mark since 2002 — and induced ground balls at a career-high rate of 50 percent. The Reds declined his $12 million club option for 2012 in late-October.