How about the Yankees as a trading partner. They can eat the cost of a contract and their team is old. The Reds could trade some low level prospects or moderate prospects to the Yankees to help them get younger and to help bring ML caliber players to the Reds. I can easily see the Reds trading a Votto, Drew Stubbs, or possibly a Bruce if it made the team that much better for next year.
I do think the Yankees make some sense as far as dealing a guy Like Milton, but due to his injury I just don't know if it's possible.