Reid, a 2013 first-round pick, spent his entire five-year career in San Francisco, compiling 318 tackles, 10 interceptions, 34 passes defended, and one sack.
Per NFL Network's Mike Garafolo, the Niners discussed a one-year deal with Reid but the safety wanted a long-term pact with a significant guarantee. Rather than taking the deal, Reid instead opted to test the free-agent market.
The safety market has been stunningly slow in free agency this offseason. In Reid's case, there also was concern that his decision to not stand during the national anthem before games might have affected his market.
The 26-year-old remains one of the top free agents left on the market, with the versatility to play deep or near the line of scrimmage. Last season, the 49ers experimented with Reid in a hybrid linebacker role, but he's meeting with Cincinnati as a safety. If he lands with Marvin Lewis, the veteran would offer flexibility on the back end of the defense.