The Reds have agreed in principle to a six-year, $72.5MM extension with Brandon Phillips, Jim Bowden of ESPN.com and MLB Network Radio reports (Twitter links). However, the agreement is pending approval from ownership and the deal remains unconfirmed.

The Reds are prepared to guarantee six years and $72.5MM, Bowden writes. The former Reds GM predicts the sides will complete a deal within 24 hours. Ian Kinsler’s recent deal may figure in as a comparable contract.

Phillips would be eligible for free agency following the 2012 season if the Reds don't lock him up. The ACES client posted a .300/.353/.457 line with 18 home runs and 38 doubles in 675 plate appearances last year. He won his third Gold Glove in 2011, and advanced assessments of his fielding confirm he is a strong defender.