6:42pm: A source with the Reds downplayed the team's interest in Madson, according to John Fay of The Cincinnati Enquirer (on Twitter). MLB.com's Mark Sheldon hears that Cincinnati is unlikely to get serious about the righty unless he drops his asking price.
5:16pm: Ryan Madson and the Reds are in serious talks about a new contract, Jon Heyman of CBSSports.com reports. Cincinnati GM Walt Jocketty maintains interest in Francisco Cordero and is eyeing Kerry Wood as a possible alternative.
The Marlins and Rangers have ‘thought’ about Madson and the Phillies recently checked back in on him, Heyman tweets. However, a deal with Philadelphia seems unlikely at this point, since the Phillies already signed closer Jonathan Papelbon. The Yankees aren’t interested, tweets Jon Paul Morosi of FOX Sports.
Angels GM Jerry Dipoto said last week that the Angels are "very, very unlikely" to sign Madson or another free agent closer. Dipoto said today that the Angels are “looking to create depth” in the bullpen, MLB.com’s Alden Gonzalez reports.