This is a rumor that was circulating around Cincinnati today. Apparently the deal was the following:
Reds:
Griffey, Jr.
Braves:
Davies
2 Minor League pitching prospects.
The deal was apparently rejected by the Braves, which did not want to give up the prospects. The Braves were going to assume most if not all of Griffey's remaining contract. This rumor was confirmed by Griffey's agent, Brian Goldberg.