Rolen, who turns 38 on April 4, became a free agent after last season and has spent the offseason contemplating retirement.
"I hope to get it resolved this weekend," Jocketty said. "I've been busy this week dealing with the arbitration guys."
If Rolen was to return, it's highly unlikely he'll earn anywhere near the $6.5 million he made in 2012 while batting .245 with eight home runs and 39 RBIs in 92 games.
The biggest question surrounding Rolen's potential return is where he would fit. The Reds' roster appears to be full. Todd Frazier is going to be the new regular third baseman, and the club also signed free agent Jack Hannahan as a backup third baseman and infielder. Rolen, a seven-time All-Star and eight-time Gold Glove winner, has never played a position other than third base in his 17 seasons.
"It's a role we'll have to determine for him during Spring Training," Jocketty said.
Rolen missed 34 games with a left shoulder injury last season and several more with back issues. He was limited to 65 games in 2011, when his year was hampered because of left shoulder surgery.
Mark Sheldon is a reporter for MLB.com. Read his blog, Mark My Word, and follow him on Twitter @m_sheldon. This story was not subject to the approval of Major League Baseball or its clubs.