I say sign him and keep him in LF.I think the Reds and Redszone, need to come to terms with how they truely feel about Adam Dunn.
1. If you view him as important cog in the offensive future of the Reds, that means they must pay him ~$15 million for the next five years. He needs to go to first base as well, he isn't going to be getting any faster over that period of time. Joey Votto will probably need to be traded, and they will lose out on the opportunity to get slighly less production in terms of OPS for pennies on the dollar they will pay Adam Dunn. Assuming Votto can do what many people believe he can do.
2. Trade Adam Dunn for _______ prospect(s), or something else. I don't think you can get enough value back in return for Adam Dunn in any trade. Too many people are of the mindset that strikeouts are BAD. This extends to GM's as well.
I don't really have the answer, but I think in a market like Cincy you cannot afford to pay him what he deserves. We have been down that path with Ken Griffey Jr for the last eight seasons. The As and Jason Giambi parted ways, the Reds would probably be well suited to do the same thing with Dunn.
With all that being said, I would love to see a trade for Salty with either Dunn or Jr.