Friday at 11:59 p.m. ET was the deadline for Major League clubs to offer 2013 contracts to unsigned players on the 40-man roster.
Eligible for arbitration later this off-season are starting pitchers Homer Bailey, Mat Latos and Mike Leake, outfielders Drew Stubbs and Chris Heisey and relievers Logan Ondrusek and Alfredo Simon.
According to the Reds, both Phipps and Negron agreed to terms on Minor League contracts and were offered invites to big-league camp at Spring Training as non-roster players.
A September call-up, Phipps finished 2012 with the Reds and batted .300 (3-for-10) with one home run in eight games. In 92 games with Triple-A Louisville, he batted .221 with 15 homers and 45 RBIs.
Negron appeared in four big-league games for the Reds during his lone call-up in June and was 1-for-4 with a walk. He batted .218 in 74 games for Louisville but suffered a season-ending right knee injury on July 5. It required surgery to repair a torn anterior cruciate ligament and medial meniscus.
The transactions, which were announced Saturday morning by the club, leave Cincinnati's 40-man roster at 38 players. Besides having room to obtain free agents, the Reds could also have a spot open to make a selection in Thursday's Rule 5 Draft at the conclusion of next week's Winter Meetings.