11:35am: Latos' deal is worth $11.5MM over two years, according to Mark Sheldon of MLB.com (on Twitter). Latos will earn $4.25MM in 2013 and $7.25MM in 2014, John Fay of the Cincinnati Enquirer reports (on Twitter).

11:21am: The Reds announced that they avoided arbitration with right-hander Mat Latos, agreeing to terms on a two-year deal for the 2013-14 seasons (Twitter link). Latos is a Bledsoe Brothers client.

The contract will buy out Latos' first two seasons of arbitration eligibility. He will be eligible for the third and final time following the 2014 season and still projects to hit free agency after the 2015 season.

Latos, 25, joined the Reds last offseason when they acquired him from San Diego for Yonder Alonso, Brad Boxberger, Yasmani Grandal and Edinson Volquez. He posted a 3.48 ERA with 8.0 K/9 and 2.8 BB/9 in 209 1/3 innings with Cincinnati this past season, setting himself up for a substantial raise. Latos filed for $4.7MM, while the Reds countered at $4.15MM. Earlier this winter MLBTR contributor Matt Swartz projected a one-year salary of $4.6MM for Latos, noting that few pitchers have matched his resume while first time arbitration eligible.

The Reds have one remaining arbitration eligible player, as MLBTR's Arbitration Tracker shows. Homer Bailey, Clayton Richard and Jordan Zimmermann are the only remaining unsigned players.