Wheeler played in 50 games for the Diamondbacks last season, batting .239 with six doubles, a triple, a home run and 10 RBIs.
He also hit .351 with 15 homers and 90 RBIs at Triple-A Reno, where the 24-year-old was an All-Star. He was the D-Backs' fifth-round draft choice in 2009 out of Loyola Marymount University.
Reynolds went 3-1 with a 4.40 ERA, 17 walks and 51 strikeouts in 71 appearances for Colorado last season. He has a career record of 5-3 with a 3.93 ERA, 40 walks and 118 strikeouts, all with the Rockies.