Horst appeared in 12 games last season, pitched 15.1 innings and had a 2.93 ERA. The 26-year-old pitcher was a 21st-round selection by the Reds in the 2007 MLB draft. Horst also appeared in 36 games at Triple-A last season, posting a 2.81 ERA with 42 strikeouts in 51 innings.
Horst is not on the Phillies' 40-man roster, but will be in big league camp when Spring Training opens next month.
Valdez, 33, played in 99 games in 2011, had a .249 average and 30 RBIs. Valdez had been with the Phillies since 2010.
Valdez became a fan favorite when he pitched a hitless 19th inning to earn the win in a 5-4 Phillies' victory on May 25 over -- coincidentally -- the Reds.
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