7:09pm: Rosenthal now hears that the Reds are not actively pursuing Oswalt, but they are kicking the tires on the right-hander (Twitter link).
1:53pm: Pitcher Roy Oswalt is without a contract two weeks before the start of spring workouts and a number of suitors remain in the mix for his services. Because the right-hander's top choices - St. Louis and Texas - are dealing with budget constraints, clubs such as the Reds continue to explore the possibility of signing him, according to Jon Paul Morosi and Ken Rosenthal of FOX Sports.
Walt Jocketty & Co. have spoken with Oswalt’s representatives recently and would probably need to move payroll and stretch their budget in order to afford him, according to a source. Signing the 34-year-old, the duo writes, would signal that the Reds are going all-in and looking to win before the potential departures of Joey Votto and Brandon Phillips via free agency. Votto is signed through 2013 while Phillips is set to hit the open market next winter.
Oswalt and the Red Sox continue to have “mutual interest” in one another, according to one source with knowledge of the dialogue. He also remains interested in returning to the Phillies, according to sources, but they haven’t been aggressive in looking for starters.