It appears that the Reds have signed lefty reliever Arthur Rhodes, according to Ken Rosenthal (thanks for the tip, Phill):

The Reds have reached a preliminary agreement with free-agent left-hander Arthur Rhodes to a two-year, $4 million contract. The deal is pending a physical, which the 39-year-old Rhodes will take Friday.

Rhodes appeared in 61 games last season — 36 for the Mariners, 25 for the Marlins — and had a combined record of 4-1 with a 2.04 ERA.

Initial reactions: Rhodes probably improves the bullpen, so the Reds are probably better today than they were yesterday. I say “probably” because Rhodes is 39 years old, and I’m not going to bet the ranch on the performance of any 39-year-old, and because he only pitched a handful of innings last year (small sample size worries).

Also, I don’t like the two-year deal — especially since last year was Rhodes’ first good season since 2005 — but it’s not something I’m going to get worked up about. (A) it isn’t my money, and (B) current ownership understands the concept of sunk costs. This deal isn’t likely to be an albatross…unless Rhodes turns into a left-handed Danny Graves overnight.

Yes, I’m torn, but this deal isn’t clearly bad, in my opinion; neither is it clearly good. What do you think?