The deal leaves only first baseman Adam Dunn left in arbitration.
Lopez made $415,000 last season, when he hit .291 and made his first All-Star team. He asked for $3 million in arbitration, and the Reds offered $2.15 million.
Dunn asked for the second-biggest salary increase among the 44 major-leaguers who exchanged arbitration figures with teams. Dunn, who will move to first base this season now that Sean Casey has been traded to Pittsburgh, is asking for $8.95 million. The club has countered with a $7.1 million offer.
Dunn made $4.6 million last season, when he batted .247 with 40 homers, 101 RBI and 114 walks. He is the only player in Reds history to have two seasons with 100 runs, walks and RBI.