Both players were eligible for arbitration this winter and seemed likely candidates to be non-tendered.
Bray, 29, was limited to 8 2/3 innings and 14 appearances this season because of groin and back injuries. He wasn't very effective when he did pitch in 2012 as he had a 5.19 ERA with 14 walks and seven strikeouts.
About to be second-year arbitration-eligible, Bray earned $1.4 million this past season.
The last remaining piece to arrive in a blockbuster trade that sent Felipe Lopez and Austin Kearns to the Nationals in 2006, Bray had a lot of injury-filled years in Cincinnati. His best season was a healthy 2011, when he made a career-high 79 appearances and posted a 2.98 ERA.
Acquired from the Phillies last winter, the 34-year-old Valdez batted .206 with 15 RBIs in 77 games as a backup. He played 22 games at second base, 33 games at shortstop, 14 games at third base and five games in center field.
Valdez made $930,000 in 2012.