Hot Stove: - Brandon Phillips, Joakim Soria, James Shields, Jose Reyes, Edwin Encarnacion

The Reds announced that they exercised Brandon Phillips' 2012 option and declined their option for Francisco Cordero (Twitter link). The Reds will pay Cordero a $1MM buyout instead of a $12MM salary and they'll pay Phillips a $12MM salary instead of a $1MM buyout. Phillips, 30, hit .300/.353/.457 with 18 homers in 674 plate appearances for Cincinnati in 2011. - http://www.mlbtraderumors.com/2011/10/reds-exercise-phillips-option-decline-corderos.html?utm_source=twitterfeed&utm_medium=twitter

Royals exercised Joakim Soria's $6 million option for 2012. An expected move. Soria, 27, posted a career-high 4.03 ERA and 1.28 WHIP this season while blowing a career-high seven saves, but the Royals are banking on a rebound in 2012. They also have club options on him for 2013 ($8 million) and 2014 ($8.75 million).  http://www.rotoworld.com/headlines/mlb/344735/baseball-headlines?r=1

Reds exercised James Shields' $7.5 million option for 2012. An easy call, even for the traditionally cost-conscious Rays. Shields, who turns 30 in December, went 16-12 with a 2.82 ERA and 226/62 K/BB ratio over 249 1/3 innings this season. The Rays hold club options on him for 2013 ($9 million) and 2014 ($12 million), which could be enticing for other clubs should they decide to shop him this winter. http://www.rotoworld.com/headlines/mlb/344742/baseball-headlines?r=1

New York Mets general manager Sandy Alderson has met with the representatives for shortstop Jose Reyes. However, Alderson added, he does not expect a quick resolution to the All-Star shortstop's free agency. Open bidding on free agents begins Thursday. "Things are going to go slowly, which I think is typical of most if not all free agents," Alderson said. "Very few sign during the exclusive period."  http://espn.go.com/new-york/mlb/story/_/id/7175070/new-york-mets-met-jose-reyes-representatives

Blue Jays exercised Edwin Encarnacion's $3.5 million club option for 2012. Another easy call. Encarnacion, who turns 29 in January, batted .272/.334/.453 with 17 homers, 55 RBI and a .787 OPS this season, including an .887 OPS after the All-Star break. Unless the Jays make a play for David Ortiz, he will be the primary designated hitter in 2012.  http://www.rotoworld.com/headlines/mlb/344746/baseball-headlines?r=1