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According to Ken Rosenthal, the Diamondbacks and Reds have had talks surrounding each other's second basemen.
"The Reds' trade discussions about Phillips include a proposal in which he would go to the Diamondbacks for second baseman Aaron Hill, according to major-league sources."
Rosenthal notes that these discussions have yet to progress beyond the initial stage, however if they were to become more serious, "the deal could grow to include other players as well as some kind of financial exchange."
While both players are set to earn nearly identical salaries in 2016, ($13 million for Phillips and $12 million for Hill), Phillips is under contract for the 2017 season at $14 million, "a likely roadblock for the D-backs, one source said."
Another potential hurdle in trading Phillips is the fact that he has 10-5 rights (ten years in the big leagues, five with the same team), which gives him the right to veto a trade.
"Securing his approval likely would be difficult; Phillips is comfortable in Cincinnati and one of the most popular Reds. Teams sometimes offer financial inducements such as contract extensions to persuade players to waive no-trade rights, but the D-backs might not want to do that for Phillips, who is 34."
Phillips would undoubtedly be an upgrade over Hill, but with the various issues mentioned above, he might not be the best option. Starlin Castro could be an intriguing player to explore, as he's signed through the 2020 season (with a buyout for $1 million), and his AAV through his last guaranteed year is roughly $10 million; considerably less than Phillips' salary over the next two years.