The Reds also will get a player to be named or cash, according to sources.
Miles, 33, was a disappointment with the Cubs last season, hitting .185 in 74 games -- and likewise, the 28-year-old Taveras struggled with the Reds, hitting just .240 in 102 games.
Assuming that Miles stays with the Reds and is not dealt again in the near future, I'm struggling to see where he will find playing time. Miles has primarily played shortstop and second base throughout his career, but with Orlando Cabrera (160 games played in '09) and Brandon Phillips (151 games played in '09) manning shortstop and second base respectively, playing time will be scarce for Miles. For a guy coming off a terrible season, this is not exactly the ideal situation for Miles, who will be a free agent after the 2010 season.
If Miles stays with the Reds, he will have to find ways to make himself valuable in order to earn at bats and playing time. Miles needs to be ready to play all over the infield and even the outfield as needed for the Reds and show some value as a pinch hitter. There's always the chance that someone gets hurt so that Miles will get some more playing time, but right now, Miles has to hope the best and prepare for the worst.
The best case scenario for Miles and his upcoming free agency is that the Reds release him and give him a chance to compete for a job elsewhere where he will play more.