If a team claims either player, the club will have two days to agree to a trade with the Reds. Otherwise, the Cincinnati could deal them for no compensation.
Latos, 26, is 4-3 on the season with a 2.99 ERA, 1.07 WHIP and 57 strikeouts for the Reds. He missed time this season with knee and elbow injuries.
The 26-year-old Leake has gone 10-11 this season with a 3.51 ERA, 1.23 WHIP and 140 strikeouts.
The Reds are in fourth place in the N.L. Central at 63-69. They are 6.5 games behind the San Francisco Giants for the final Wild Card spot.
- Paul Palladino