According to Mark Sheldon, Bill Bray still has options remaining.

Out of options

In case you were wondering, the following Reds players head into 2010 Spring Training out of options:

RHP Bronson Arroyo, RHP Homer Bailey, IF/OF Wladimir Balentien, RHP Francisco Cordero, RHP Mike Lincoln and RHP Nick Masset.

http://marksheldon.mlblogs.com/