Frazier, 29, has been one of the lone bright spots on an otherwise struggling Reds team. He slashed .255/.309/.498 with a career-high 35 home runs in 2015. The New Jersey native has been an All-Star in each of the past two seasons.
The Reds will surely command a large haul for Frazier — he has two seasons of team control remaining and has continued to improve his power numbers throughout his career.
The Indians seem to match up as a trade partner as they need a third baseman and a controllable starter, such as Carlos Carrasco, could help the Reds in the future. A one-for-one deal is unlikely, though, as Carrasco has five years of club control remaining.