Although right-handed pitcher Edinson Volquez settled with the Cincinnati Reds for $1.625 million at the end of January, he had the opportunity to sign a long-term deal but decided against it.

“They were offering me a four-year contract, the same as Johnny Cueto, but I felt it wasn’t right for me,” Volquez told the Dominican publication El Caribe (via MLB.com’s Mark Sheldon). “I talked to the lawyer and the general manager of the team and we all agreed on only one season.”

Although the amount of the possible deal was not made public, it was evident that the Reds made it a priority to lock up the core of the team to long-term deal. Cueto, Joey Votto, Jay Bruce and Bronson Arroyo were awarded $151 million in combined contract values.

It’s still possible that Volquez could sign a multi-year deal during Spring Training or at midseason if he chooses.

The 2008 All Star will be under team control through 2013.  On one hand Volquez could sign a long-term deal that will ensure financial safety, or he could wait it out and have a couple of more good seasons and cash in when he becomes a free agent.