In an interview with Jim Bowden on MLB Network Radio, Francisco Cordero said that unless the Reds increase their most recent contract offer, he will leave Cincinnati. The Reds are still in the "hunt," however, along with other teams who have shown interest in the free agent closer: the Angels, Blue Jays, Rangers, Rays and Red Sox (all Twitter links).
The Rays and Rangers are new additions to a busy market for Cordero that also includes the Dodgers, Marlins and Mets. As a Type A free agent, Cordero would cost his new team a first round draft pick as compensation to the Reds if that new team didn't have a protected pick. This presumes, of course, that Cordero turns down the Reds' offer of arbitration and that the Type A compensation rules aren't changed by the new collective bargaining agreement.
Of Cordero's known suitors, the Angels, Blue Jays, Dodgers, Rangers, Rays and Red Sox all have unprotected picks, though the Jays and Sox each currently have two picks in the first round of next year's draft. Toronto's extra pick is compensation for not signing Tyler Beede last year, while Boston currently possesses the Phillies' first round pick (31st overall) as compensation for Philadelphia's signing of Jonathan Papelbon.